S&P 500 emini pre-open Monday 25th August

posted 05.50 a.m. est

Last week I marked Significant Buying twice. Significant Selling has not been marked since the recent low eleven days ago. All Value Areas last week were printed entirely above 1949, the 4mn poc.

ES First Level Support = 1949.00 (4mn poc)
ES Major Support = 1872 (maj poc)

Longframe: At the start of the month Key Charts found low at their given Support and have rallied strongly (see eBook). These proven levels will be useful to monitor.

Breadth: CP Market Timing System: Nyse and R2000 remained Negative; Nasdaq turned Neutral.
Stocks>50dyma numbers: Nyse 53%, Nasdaq 49%, R2000 50%. Numbers >50 are supportive.

Sentiment: My version of the Rydex Assets Ratio ended the week at 7.29. On 07/29 the ratio reached 10.47, the highest in my database. VIX ended the week at 11.47, a 25day low, close to 10.32, the July low (and the lowest since Feb 2007).

Supporting Charts:
Bonds TLT: last week printed its highest level since May last year which represented a test above the Resistance area between 116.70 and 117.15. Time printed above this Resistance would be positive (and a negative for equities).
Dollar Index: on Friday printed its highest level since early September
Gold GLD: the 30mn poc recently migrated to 124.15. That Support was broken on last week.
Oil USO: On Tuesday printed its lowest level since February and prints just above the Support at 34.17, the 1/2R off 2009 low.
EURUSD: Chart prints below 1.3416, the 1/2R off 2010 low, in a weak price location and on Friday printed its lowest level since September.