S&P 500 emini pre-open Monday 12th January

posted 09.05 a.m. est

Last week I marked Significant Selling once. Significant Buying has not been marked for eight days. The 4mn poc migrated back down to 2035.00 and that is where ES closed on Friday. 2035.00 could be intraday Support or Resistance at the start of this week and price relative to this level should be monitored as a clue re ST direction. Pre-open today ES prints very close to 2035.00 Breadth numbers have been volatile over last few days and all U.S. numbers finished the week below 50, see below.

First Level Support/Resistance = 2035.00 (4mn poc)
Major Support = 1962.00 (6mn poc) and SPY 197.20 (8mn poc)

Breadth: CP Market Timing System turned negatiove for Nyse and Nasdaq, turned neutral for R2000 and remained positive for UK.
Stocks>50dyma numbers: Nyse 47%, Nasdaq 47%, R2000 48%, UK 64%. Numbers >50 are supportive.

Sentiment: My version of the Rydex Assets Ratio ended the week at 10.17. We need to monitor this. This indicator registered little fear during the recent decline and historically it is still very high. In early December the ratio reached 13.73, the highest in the database.

Supporting Charts:
Bonds TLT:exceeded the 2012 high last week.
Dollar Index:last week printed its highest level since December 2005.
Gold GLD: remains in a weak LT price location below the 119.87 maj poc but pre-open today is printing above 114.78, the 8mn poc.
Oil USO: on 12/12 broke below the extreme low of Feb 2009 and on pre-open today has printed yet another new low.
EURUSD: probed the 4mn Time Resistance at 1.2475 last month and is lower from there, printing below 1.2300, the maj poc, and last week printed its lowest level since 2005.