S&P 500 emini pre-open Thursday 4th December

posted 09.18 a.m. est

See yesterday’s highlighted comments. Tuesday’s (green-at-top) high was exceeded on Wednesday. Post-open, the minor(15day) poc at 2067.00 was rejected immediately and ES rallied to a new high. Pre-open today that level, now minor Support, has been tested again briefly. Price printing time below 2067.00 would be the first sign of weakness in the ST. First sign of LT weakness would be price printing below 2035.00. Negatives are the divergences between price/daily breadth indicators and the extreme bulls seen in the recent Sentiment data, below.

ES First Level S/R = 2035.00 (2mn poc)
ES Second Level Support = 1962.00 (6mn poc)

Stocks>50dyma numbers: Nyse 70% (from 67%), Nasdaq 62% (from 59%), R2000 68% (from 65%). Numbers >50 are supportive.

Sentiment: My version of the Rydex Assets Ratio was almost unchanged at 12.33. Monday’s ratio at 13.73. is the highest in the database and historically this has been a warning for the market.

Supporting Charts:
Bonds TLT: has corrected this week but chart remains in a strong price location above 117.14 (maj poc).
Dollar Index: has today printed its highest level since March 09.
Gold GLD: Still in a weak price location below the 119.87 maj poc.
Oil USO: has today printed its lowest level since March 2009.
EURUSD: has today printed its lowest level since Aug 2012 and has tested the major Support at 1.2300