S&P 500 emini pre-open Friday 31st October

posted 09.24 a.m. est

See previous highlighted comments. Significant Buying has been marked seven times in the last eleven days and no Significant Selling has been marked for thirteen days. Aggressive Buying (green-at-top) was marked again on Thursday. Buyers have Effectively auctioned ES higher and pre-open today ES has printed a new high at 2016.75. Chart is in a strong price location as long as it prints above 1962.00, the 6mn poc.

ES First Level Support = 1962.00 (6mn poc Dec contract)
ES Major Support = 1872.00 (maj poc) eq SPY = 187.68

Stocks>50dyma numbers: Nyse 57% (from 53%), Nasdaq 56% (from 54%), R2000 66% (from 63%). Numbers >50 are supportive.

Sentiment: My version of the Rydex Assets Ratio was higher again at 9.12 which is the first time the ratio has been above 9 since 09/25. The ratio is rsing fast indicating the public are moving strongly back into the market. We need to watch this closely.

Supporting Charts:
Bonds TLT: spiked violently higher recently to a two year high followed by a sharp reaction from there. But as long as chart holds above 117.14 (maj poc) it is in a strong price location in the LT.
Dollar Index: has printed a new four year high today.
Gold GLD: pre-open has printed its lowest level since April 2010. As I have been writing, price below the recent lows (chart Support) would likely spark another round of selling.
Oil USO: The potential Support at 34.17 (1/2R off 2009 low) was broken earlier this month and chart has been sharply lower from there to its lowest level since June 2012.
EURUSD: is today printing close to the recent two year low. There is Support lower at 1.2300