S&P 500 emini pre-open Wednesday 18th March

See yesterday’s highlighted comments. ES has stalled at the minor 1/2R off the recent high (2078.00) as has SPY, DIA, QQQ. Momentum (PriceOsc) is still down for these charts but has turned up for IWM (smallcaps) which is very much the leader currently. If time is printed above this Resistance and Momentum (PriceOsc) were to turn up for all four stock index ETFs we’d very quickly have a much more positive picture.

First Level Resistance = 2078.00 (min 1/2R)
First Level Support = 2033.50 (4mn poc)

Stocks>50dyma numbers: Nyse 52% (from 51%), Nasdaq 60% (from 61%), R2000 60% (from 58%). Numbers >50 are supportive.

Sentiment: My version of the Rydex Assets Ratio was slightly higher at 11.52. Smart Bulls would prefer to see this lower.

Supporting Charts:
Bonds TLT: reached a new high at the end of January but fell sharply from there to its lowest level this year. Has rallied this month and on Tuesday reached a twelve day high. Currently printing above 126.50 (5mn Support).
Dollar Index: Last week printed its highest level since 2003. First Level Support is the 12mn poc at 94.67.
Gold GLD: On Wednesday printed its lowest level this year and is currently printing close to the November low.
Oil USO: on Monday broke below January’s low and lower pre-open today.
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 well below January’s low.