S&P 500 emini pre-open Monday 22nd September

posted 09.05 a.m. est

Reactive Selling (red-at-top) was marked on Friday but ES found low at 1998.50, the 50dy poc. Value Areas on Thursday and Friday were generated entirely above the poc. Pre-open today ES has been printing below 1998.50 and Bulls would want a quick recovery back above that level to see chart maintaining a strong price location at the start oif this week. In the ST I see price printing time around 1994 as a negative.

The disparity between large and small cap performance is still very evident. SPY printed a new high last week but Key Chart IWM is printing back below Key Level 115.41, 1/2R off July high. There is 2yr Time Support for this chart at 111.64.

ES First Level S/R = 1998.50 (50dy)
ES Second Level Support = 1949.00 (4mn)
ES Major Support = 1872

Breadth: CP Marketing Timing System, Nyse, Nasdaq & R2000 are negative. U.K. is neutral.
Stocks>50dyma numbers: Nyse 44%, Nasdaq 48%, R2000 43%. Numbers >50 are supportive.

Sentiment: My version of the Rydex Assets Ratio was higher at 8.84. The highest ratio being 10.47 On 07/29.

Supporting Charts:
Bonds TLT: Chart has so far held the Support at 112.27, the 12mn poc, but prints below the Resisatnce at 117.15 (maj poc).
Dollar Index: chart printed a new four year high on Friday.
Gold GLD: Recently found resistance at 124.15, the 30mn poc and fell sharply. On Friday chart printed its lowest level since early January.
Oil USO: Interesting chart. Has sold-off since mid June but the Support at 34.17 (1/2R off 2009 low) is currently holding. Possibility of a turn here but price printing time below this level would be very weak location and immediately suggest lower.
EURUSD: Earlier in the month chart broke below 1.3066 (3yr poc) and has today printed its lowest level since July last year. 1.3066 is now Resistance.