S&P 500 emini pre-open Monday 2nd February

posted 08.52 a.m. est

Last week I marked Significant Selling once and no Significant Buying. Reactive Selling (red-at-top) was marked on Wednesday as ES probed above the 4mn poc at 2033.50, now Resistance. That poc has not yet migrated lower.

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

Breadth: CP Market Timing System remained negative for all US Market Charts and remained positive for UK.
Stocks>50dyma numbers: Nyse 38%, Nasdaq 36%, R2000 36%, UK 71%. Numbers >50 are supportive.

Sentiment: My version of the Rydex Assets Ratio ended the week at 10.97. In early December the ratio reached 13.73, the highest in the database.

Supporting Charts:
Bonds TLT: recently exceeded the 2012 high on Friday printed a new high.
Dollar Index: on 01/23 printed its highest level since 2003 and is consolidating price close to that level.
Gold GLD: rallied strongly last month and probed the Resistance at 124.12, the major poc, but has not printed time above that level.
Oil USO: on 12/12 broke below the extreme low of Feb 2009 and on Thursday printed a new low. Friday was a strong day.
EURUSD: has been declining since May last year and has reached major 1/2R Support at 1.1241. Currently holding that level.