S&P 500 emini pre-open Wednesday 13th August

posted 08.52 a.m. est

dayframe: The minor 1/2R off July’s high is at 1938 (dashed). This was probed on Monday and pre-open today ES is again attempting to print time above this minor Resistance. Equivalent level for SPY is 194.80.

ES First Level Resistance = 1949.00 (4mn poc)
ES First Level Support = 1872 (maj poc)

All four major stock index ETFs have negative price momentum, breadth is not supportive and Bonds and Dollar remain strong. However in the longer timeframe charts have not yet broken down. It is therefore critical that the following Support levels hold.
ETFs – Key Charts/Levels: Time printed below these prices could signal a major change in trend for the market. SPY 192.73 (3mn poc); IWM 111.64 (2yr poc); DIA 164.23 (2yr poc); XLF 21.99 (2yr poc); XLK 38.42 (maj 1/2R).

Stocks>50dyma numbers: Nyse 32% (from 36%), Nasdaq 37% (from 42%), R2000 35% (from 40%). Numbers >50 are supportive.

Sentiment: My version of the Rydex Assets Ratio was almost unchanged at 6.14 a 53day low. On 07/29 the ratio reached 10.47, the highest in my database. VIX closed at 14.13 having reached 17.57 on 08/01, the highest reading since early April. On 07/03 it closed at 10.32, the lowest since Feb 2007.

Bonds TLT: in a strong price location above 112.27, the 10mn poc. Approaching Resistance around 117.00
Dollar Index: in early July chart found Support at the 79.76 maj poc and has moved strongly higher from there. Last week chart reached its highest level since Sep last year.
Gold GLD: the 30mn poc recently migrated to 124.15. Chart currently prints above that level which is a stronger price location.
Oil USO: printing below 37.96, the maj poc, in a weak price location.
EURUSD: Chart prints below 1.3416, the 1/2R off 2010 low, in a weak price location.