S&P 500 emini pre-open Monday 16th March

S&P 500 emini pre-open Monday 16th March

Last week I marked Significant Selling twice and Significant Buying once. Friday printed below Thursday’s low negating any ST positive implications of Thursday’s Aggressive Buying. This is the second time in eight days that a green-at-top high has not been tested, see Friday’s highlighted comments. The Support at 2033.50 has held so far. Price below this level would put the chart in a weaker price location.

Nasdaq and Small Caps (R2000) have much stronger breadth indications and are out-performing large-cap indices. If Support continues to hold and Momentum (PriceOsc) turns up for the four major stock index ETFs we’d very quickly have a much more positive picture.

First Level Resistance = 2107.00 (45day poc)
First Level Support = 2033.50 (4mn poc)
Major Support = 1962.00 (6mn poc) and SPY 200.11 (8mn poc)

Breadth: CP Market Timing Charts – Nyse stayed negative, Nasdaq stayed positive, R2000 turned positive. UK styed positive.
Stocks>50dyma numbers: Nyse 47%, Nasdaq 60%, R2000 58%. Numbers >50 are supportive.

Sentiment: My version of the Rydex Assets Ratio ended the week at 11.52. Previous week the ratio peaked at 14.06, the highest ratio in the database. Historically, extreme high levels in the ratio have been a warning.

Supporting Charts:
Bonds TLT: reached a new high at the end of January but fell sharply from there to its lowest level this year. Has rallied this month and pre-open today is printing just above 126.50, 5mn Support.
Dollar Index: Last week printed its highest level since 2003. First Level Support is the 12mn poc at 94.67.
Gold GLD: Last week printed its lowest level this year and is currently printing close to the November low.
Oil USO: on 12/12 broke below the extreme low of Feb 2009 and fell sharply. Has weakened again and is currently printing close to Januarys’s low.
EURUSD: fell since May last year to major 1/2R Support at 1.1241. Chart held above that level through February but this month has broken that Support and is now printing below well January’s low.