S&P 500 emini pre-open Wednesday 3rd September

note: this was posted before 7 a.m. est

Tuesday’s session generated a higher/overlapping Value Area on increased Volume. Buyers stepped back in on Thursday (see highlighted comments) and have auctioned ES higher seeking Sellers who have not been marked for seventeen days now. Overnight the chart has marked a new high. Minor (30day) time Support is at 1998.50 and as long as ES holds that level it is in a strong ST price location.

ES First Level Support = 1998.50 (30dy)
ES Second Level Support = 1949.00 (4mn)
ES Major Support = 1872

ETFs: Key Chart IWM prints above 115.41, its 1/2R off July high in stronger price location, Key level. I have been saying that Bonds and Dollar have also been strong, which suggests that either these charts or equities will weaken. See comments re TLT below.

Stocks>50dyma numbers: Nyse 61% (unch), Nasdaq 548% (from 54%), R2000 61% (from 56%). Numbers >50 are supportive.

Sentiment: My version of the Rydex Assets Ratio was lower at 9.0. This is still a very high ratio, the highest being 10.47 On 07/29.

Supporting Charts:
Bonds TLT: last week chart reached its highest level since May last year but was sharply lower on Tuesday. The Key S/R area is between 116.17 (1/2R) and 117.15 (maj poc). Pre-open today chart prints below this price band.
Dollar Index: on Tuesday printed its highest level since July last year.
Gold GLD: chart chart found resisatnce last week at 124.15, the 30mn poc and fell sharply lower on Tuesday to a 50dy low. This chart has been consolidating for a year now in a contracting type of pattern and we are looking for a directional move to begin soon.
Oil USO: Has sold-off since mid June. There is Support a little lower is at 34.17, the 1/2R off 2009 low and pre-open today is printing close to this level.
EURUSD: is close to printing a twelve mointh low and a test of the Support at 1.3066, the 3yr poc.