S&P 500 emini pre-open Wednesday 31st December

posted 08.18 a.m. est

Dayframe: See yesterday’s highlighted comments. ES opened on Tuesday just below 2081.00 (dashed), the 15dy poc, which was then briefly probed and rejected. ES spent the rest of the session below that level. In the longer timeframe, as long as ES holds above 2066.00 it is in a strong price location.

First Level Support = 2066.00 (3mn poc)
Second Level Support = 1962.00 (6mn poc) and SPY 197.20 (8mn poc)

Stock Index ETFs: Momentum (PriceOsc) is now positive for SPY, DIA and IWM, see previous comments.

Stocks>50dyma numbers: Nyse 67% (from 68%), Nasdaq 63% (from 65%), R2000 71% (from 73%). Numbers >50 are supportive.

Sentiment: My version of the Rydex Assets Ratio was almost unchanged at 12.85 with Bear Fund assets that I follow falling to a new low. There are only seven ratios higher than this in the database, the highest being 13.73 recorded earlier in the month.

Supporting Charts:
Bonds TLT: mid-month there was a probe above the October high to print the highest level since August 2012. Chart remains in a LT strong price location as long as it holds above 117.14 (maj poc).
Dollar Index: mid-month held the minor Support at 87.70 (2mn poc) and on Tuesday printed its highest level since April 2006.
Gold GLD: remains in a weak price location below the 119.87 maj poc.
Oil USO: on 12/12 broke below the extreme low of Feb 2009 and this week has printed a new low.
EURUSD: probed the 4mn Time Resistance at 1.2475 mid-month and is lower from there. Is printing below 1.2300, the maj poc, and on Tuesday printed its lowest level since August 2012.