S&P 500 emini pre-open Thursday 26th February

posted 08.45 a.m. est

I haven’t marked Significant Buying this week so Sellers have had opportunity. From the distributions I thought price around 2120 might bring a Reaction but Sellers have yet to make a mark and have been absent for nineteen days now. The minor poc is at 2094.0 and this is now the minor Time Support. Significant Selling marked below 2033.50 would be the first sign of weakness for the LT trend.

Dayframe: very minor (6dy) Time Support at 2106.50.

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 68% (from 69%), Nasdaq 65% (from 69%), R2000 62% (unch). Numbers >50 are supportive.

Sentiment: My version of the Rydex Assets Ratio was lower at 11.7. Down from previous day’s 12.53 which was a 37day high – there are only nine ratios higher than this is in the database with the highest being 13.73 in early December. On Tuesday VIX closed at 13.69, its lowest close since 5th December.

Supporting Charts:
Bonds TLT: reached a new high at the end of January but lower this month. Momentum (PriceOsc) is negative but up. Pre-open today has printed a thirteen day high.
Dollar Index: on 01/23 printed its highest level since 2003. 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: since probing the Resistance at 124.12 (major poc) three weeks ago, GLD has given back nearly all of last month’s strong gains. Pre-open today is higher but there is Resistance at 117.62, the 1/2R off Nov low.
Oil USO: on 12/12 broke below the extreme low of Feb 2009 and fell sharply. Has rallied this month.
EURUSD: has been declining since May last year and has reached major 1/2R Support at 1.1241. Has held above that level this month but prints close to it today.