Today’s Economic News:
Not much internationally today. In the USA today it is all about housing.
Quote of the Day:
None of you really has faith unless he desires for his neighbor what he desires for himself.
Featured Breadth Chart of the Day:
Here is that bearish divergence on the upside volume that we thought should have been taken care of yesterday. We need to watch again for today.
Comments and Levels for the Front ES (S&P500 – Emini futures) contract:
We are putting in a nice flag again from the last thrust. That consolidation ends for us at a break of 1808 which will look like a run higher to us and a break of 1798 which was tested on the close yesterday.
Our downside range of 1795 would scare us as a possible topping signal.
On the MiM:
Nice ride on the MiM yesterday but terrible trading on my part as I set an exit for a nice 1801 entry at 1798.50, which, while hit was not filled and I ended up stopping out –1.25 on a short trade that should have paid.
The MiM did warn us going into the reveal that the imbalances were being filled, so despite the size and direction, the drop down to 1798 was enough to bring in the buyers add to that the shorts covering into the close and up we went at the end of the day.
Another snapshot snafu which should be fixed today.
Bulls need to roll in like thunder $ES F 1814 x 1795
If you want to join the meter readers you can go to: Join the MiM
Comments about TLT (Twenty year Bond ETF):
That 104.25 was hit, we expect 104.50 to hold.
>>> Follow us @redliontrader
Breadth Charts in Full:
Zweig Breadth Thrust:
Zweig is wedging in.
Cumulative Volume Index:
See chart of the day above.
Number of NYSE issues trading ABOVE their 40 day moving average (40DPI):
Market breadth continues to show divergence as only about 50% of the stocks have advanced over the last 40 days.
New Highs / New Lows ratio chart:
Not high enough….
Short Term Trender - McClellan Summation Index:
Long Term Trender - Cumulative 4-week Highs – Lows (the fat lady):
Thank you for Reading -
Marlin aka RedlionTrader @redliontrader
DISCLAIMER: The information and data in the following report(s) were obtained from sources considered reliable. Opinions, market data, and recommendations are subject to change at any time. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any commodities or securities. RedlionTrader.com, its officers, directors and its contributors may in the normal course of business, have position(s), which may or may not agree with the opinions expressed in this report. RedlionTrader.com, its officers, and directors are not agents, representatives, or affiliates of the CME Group or any trading entity. Trading Futures, Options, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. Any decision to purchase or sell as a result of the opinions expressed in these report(s) will be the full responsibility of the person(s) authorizing such transaction(s). BE ADVISED TO ALWAYS USE PROTECTIVE STOP LOSSES AND ALLOW FOR SLIPPAGE TO MANAGE YOUR TRADE(S) AS AN INVESTOR COULD LOSE ALL OR MORE THAN THEIR INITIAL INVESTMENT. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
Hosting and Newsletter service provided by:
- Investment & Company Information