S&P 500 emini pre-open Wednesday 14th January

posted 08.25 a.m. est

Similar to Monday, Tuesday opened above 2035.00 but ES could not print any time above that level and sold-off. A wider, outside Value Area was generated. Significant Buyers have not been marked for ten days. The VAL (Value Area low) of a distribution that (imo) began in mid October is currently 1994.50 (dashed), see previous comments. If ES prints lower it will be interesting to see if that level is accepted or rejected. We also need to watch for possible migration of the poc at 2035.00, which is the controlling price of that distribution.

Dayframe: 2017.00 is the minor (13dy) poc. Overnight that level was briefly probed and rejected. In the ST this proven ST Resistance is worth monitoring.

First Level Resistance = 2035.00 (4mn poc)
Major Support = 1962.00 (6mn poc) and SPY 197.20 (8mn poc)

Stocks>50dyma numbers: Nyse 44% (unch), Nasdaq 44% (unch), R2000 47% (from 46%). Numbers >50 are supportive.

Stock Index ETFs: pre-open today Key Chart IWM prints just above major Support at the 116.00 poc.

Sentiment: My version of the Rydex Assets Ratio was higher at 10.45. Monday’s ratio at 9.41 was a 40 day low. In early December the ratio reached 13.73, the highest in the database.

Supporting Charts:
Bonds TLT:exceeded the 2012 high last week and is printing a new high pre-open today.
Dollar Index:last week printed its highest level since December 2005.
Gold GLD: remains in a weak LT price location below the 119.87 maj poc but pre-open today is printing close to that Resistance. Time spent above this level would be positive.
Oil USO: on 12/12 broke below the extreme low of Feb 2009 and printed a new low on Monday.
EURUSD: probed the 4mn Time Resistance at 1.2475 last month and is lower from there, printing below 1.2300, the maj poc, and has today printed its lowest level since 2005.