posted 08.50 a.m. est
On Monday ES found Support early in the session just above 2033.50, the 4mn poc. Pre-open today ES is printing below that level and time printed the poc post-open is a sign of weakness in the ST. Bulls would want to see recovery back above that level.
First Level S/R = 2033.50 (4mn poc)
Major Support = 1962.00 (6mn poc) and SPY 200.11 (8mn poc)
Stocks>50dyma numbers: Nyse 52% (from 49%), Nasdaq 50% (from 46%), R2000 52% (from 48%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was lower at 10.47. In early December the ratio reached 13.73, the highest in the database.
Supporting Charts:
Bonds TLT: recently exceeded the 2012 high and pre-open today has printed a new high.
Dollar Index: on Friday printed its highest level since 2003.
Gold GLD: has rallied strongly this month and last week probed above 124.12, the major poc on the daily chart. Time printed above this level would be strong price location. Pre-open today GLD prints below 124.12.
Oil USO: on 12/12 broke below the extreme low of Feb 2009 and on Monday printed a new low.
EURUSD: probed the 4mn Time Resistance at 1.2475 last month and is lower from there, printing below 1.2300, the maj poc, and on Monday printed its lowest level since 2003.
