S&P 500 emini Wednesday 17th December

S&P 500 emini Wednesday 17th December

posted 09.25 a.m. est

Late in Tuesday’s session ES closely approached the 6mn Time Support at 1962.00, see chart, but so far at least no time has been printed below that level. Bulls would want to see this level hold or a quick rejection if tested. Time below that level would indicate further weakness. There is minor (5dy) Time Resistance at 1987.00 and Significant Buying marked above that level would be a positive, along with an improvement in Breadth Numbers, see below.

First Level Resistance = 2035.00 (2mn poc)
First Level Support = 1962.00 (6mn poc) and SPY 197.20 (8mn poc)

Stocks>50dyma numbers: Nyse 42% (from 43%), Nasdaq 46% (from 47%), R2000 48% (unch). Numbers >50 are supportive.

Sentiment: My version of the Rydex Assets Ratio was lower at 9.52. Down from 13.73 recorded last week, the highest in the database. SPY is down 5% from its recent high and the Rydex Ratio has now fallen 30%. However, historically when the SPY has fallen 5% or more the ratio has fallen much lower than 9.5.

Supporting Charts:
Bonds TLT: on Tuesday printed its highest level since August 2012. Is in a strong price location above 117.14 (maj poc).
Dollar Index: currently holding the minor Support at 87.70 (2mn poc), which it tested on Tuesday.
Gold GLD: remains in a weak price location below the 119.87 maj poc.
Oil USO: last week broke below the extreme low of Feb 2009 and is lower this week.
EURUSD: tested 1.2300, major Time Support last week and is today printing very close to 1.2475, the 4mn poc. Time spent above this level would be a positive.