Early last week ES found Resistance at 2081.00 (dashed), the minor poc, see previous comments. Mid week Aggressive Selling was marked (red-at-bottom). The 4mn poc migrated to 2070.00 and this is now First Level Resistance. Previously, that poc had been at 2035.00 and this could potentially provide Support – or more time could be printed here which may migrate the poc back to this level. I will wait for Significant Buying (green) to be marked before considering new longs.
First Level Resistance = 2070.00 (4mn poc)
First Level Support ? = 2035.00 (prev poc)
Major Support = 1962.00 (6mn poc) and SPY 197.20 (8mn poc)
Breadth: CP Market Timing System turned neutral for Nyse and Nasdaq and remained positive for R2000 and U.K.
Stocks>50dyma numbers: Nyse 60%, Nasdaq 59%, R2000 64%, UK 68%. Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio ended the week at 12.07. In early December the ratio reached 13.73, the highest in the database. Bear Fund assets that I follow fell to a new low last week.
Supporting Charts:
Bonds TLT: pre-open today chart has printed its highest level since August 2012. TLT remains in a LT strong price location as long as it holds above 117.14 (maj poc).
Dollar Index: last month held the minor Support at 87.70 (2mn poc) and has today printed its highest level since December 2005.
Gold GLD: remains in a weak LT price location below the 119.87 maj poc and pre-open today is printing below 114.78, the 8mn poc.
Oil USO: on 12/12 broke below the extreme low of Feb 2009 and pre-open today has printed a 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 today has printed its lowest level since March 2006.
