S&P 500 emini pre-open Wednesday 4th February

posted 09.17 a.m. est

See previous highlighted comments. Reviewing what was written on Monday 26th: There was a test below the VAL at 1995.50 and ES has rallied without the 4mn poc at 2033.50 having migrated lower which means the distribution that started in October still implies development higher. It’s also worth noting that Aggressive Sellers were not marked, in fact there has been no Aggressive Selling marked since 30th December. Bulls do not want to see time printed below 2033.50 which could be intraday Support or Resistance today. Time printed above that level would be a positive. Pre-open low today has been 2033.25.

First Level S/R = 2033.50 (4mn poc)
Major Support = 1962.00 (6mn poc) and SPY 200.11 (8mn poc)

Stocks>50dyma numbers: Nyse 59% (from 45%), Nasdaq 49% (from 40%), R2000 54% (from 42%). Numbers >50 are supportive.

Sentiment: My version of the Rydex Assets Ratio was slightly lower at 10.63. In early December the ratio reached 13.73, the highest in the database.

Supporting Charts:
Bonds TLT: recently exceeded the 2012 high on Friday printed a new high. Pre-open today has printed a 9 day low.
Dollar Index: on 01/23 printed its highest level since 2003. On Tuesday printed a 8day low. I have talked about the possibility of a turn here for the dollar in recent webcasts. Watching levels on EURUSD (below) and AUDUSD in particular.
Gold GLD: rallied strongly last month and probed the Resistance at 124.12, the major poc, but has not printed time above that level.
Oil USO: on 12/12 broke below the extreme low of Feb 2009 and on Thursday printed a new low. Friday was a strong day and chart is higher this week.
EURUSD: has been declining since May last year and has reached major 1/2R Support at 1.1241. Currently holding that level.