S&P 500 emini pre-open Tuesday 10th March

The last five Value Areas have been generated below the poc at 2107.00 which is weak price location in the ST and on Friday I marked Aggressive Selling. These red-at-bottom lows are tested within a day (or two) 80% of the time and today ES may well open below Friday’s low. I would want to see Significant Buying (green) marked before consideringf new longs. Price Momentum remains positive but down for all four major stock index ETFs.

First Level Resistance = 2107.00 (40day poc)
First Level Support = 2033.50 (4mn poc) and SPY 205.00 (5mn poc)
Major Support = 1962.00 (6mn poc) and SPY 200.11 (8mn poc)

Stocks>50dyma numbers: Nyse 52% (from 50%), Nasdaq 61% (from 60%), R2000 54% (from 51%). Numbers >50 are supportive.

Sentiment: My version of the Rydex Assets Ratio peaked last week at 14.06. This is the highest ratio in the database and the only one above 14. Historically, extreme high levels in the ratio have been a warning. Monday’s ratio was lower at 12.29.

Supporting Charts:
Bonds TLT: reached a new high at the end of January but has fallen sharply since then and on Friday printed its lowest level this year.
Dollar Index: is today printing its highest level since 2003. First Level Support is now the 12mn poc at 94.67.
Gold GLD: on Friday printed its lowest level this year.
Oil USO: on 12/12 broke below the extreme low of Feb 2009 and fell sharply but rallied in early February. Pre-open today is printing below 18.6, the 1/2R off Jan low.
EURUSD: fell since May last year to major 1/2R Support at 1.1241. Chart held above that level through February but this month has broken that Support and is now printing below January’s low.