S&P 500 emini pre-open Thursday 12th February

posted 09.03 a.m. est

Wednesday’s session generated a sixth consecutive Value Area above 2033.50 (4mn poc) which is strong price location if ES holds that level. On Tuesday I marked Aggressive Buying (green-at-top) which is a further positive. There has been no Aggressive Selling marked since 30th December.

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

All four major stock index ETFs have positive and increasing Price Momentum (PriceOsc).

Stocks>50dyma numbers: Nyse 59% (from 61%), Nasdaq 54% (from 56%), R2000 52% (from 56%). Numbers >50 are supportive.

Sentiment: My version of the Rydex Assets Ratio was akmost unchanged at 11.05. In early December the ratio reached 13.73, the highest in the database.

Supporting Charts:
Bonds TLT: recently exceeded the 2012 high and on 01/30 printed a new high but printed a 22day low on Wednesday.
Dollar Index: on 01/23 printed its highest level since 2003 and is today printing close to that high. In recent webcasts I have talked about the possibility of a turn here for the dollar. Watching levels on EURUSD (below) and AUDUSD in particular.
Gold GLD: rallied strongly last month and probed the Resistance at 124.12, the major poc, but is down from that level printing a 22day low on Wednesday.
Oil USO: on 12/12 broke below the extreme low of Feb 2009 and fell sharply. Has rallied this month. Watching to see if Momentum (PriceOsc) can hold above zero.
EURUSD: has been declining since May last year and has reached major 1/2R Support at 1.1241. Currently holding that level.