S&P 500 emini pre-open Tuesday 16th December

posted 08.35 a.m. est

Pre-open today ES has briefly tested the 6mn Time Support at 1962.00. Pre-open SPY low is 197.49 with 8mn TS at 197.20. Breadth has deteriorated, see below.

First Level Resistance = 2035.00 (2mn poc)
First Level Support = 1962.00 (6mn poc)

Stocks>50dyma numbers: Nyse 43% (from 49%), Nasdaq 47% (from 52%), R2000 48% (from 54%). Numbers >50 are supportive.

Sentiment: My version of the Rydex Assets Ratio was lower at 10.98, down from 13.73 recorded last week, the highest in the database. SPY is down more than 4% from its recent high and when this happens the Rydex Ratio usually falls more than 30%. Currently the ratio is only down 18% which is not indicating much fear from the Rydex traders (this is a contrarian indicator).

Supporting Charts:
Bonds TLT: pre-open today has printed its highest level since August 2012. Is in a strong price location above 117.14 (maj poc).
Dollar Index: lower today and testing the minor Support at 87.70 (2mn poc).
Gold GLD: remains in a weak price location if it prints below the 119.87 maj poc.
Oil USO: last week broke below the extreme low of Feb 2009 and continuing lower pre-open today.
EURUSD: tested 1.2300, major Time Support last week and is today printing above 1.2475, the 4mn poc at a 16dy high. Some ST strength here.