Bulls need to roll in like thunder $ES_F 1814 x 1795

Marlin Cobb
November 26, 2013

Today’s Economic News:

image thumb161 Bulls need to roll in like thunder $ES F 1814 x 1795
image thumb161 Bulls need to roll in like thunder $ES F 1814 x 1795

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.
–Prophet Muhammad

Featured Breadth Chart of the Day:

image thumb162 Bulls need to roll in like thunder $ES F 1814 x 1795
image thumb162 Bulls need to roll in like thunder $ES F 1814 x 1795

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:

Short: 1814
Long:  1795

image thumb163 Bulls need to roll in like thunder $ES F 1814 x 1795
image thumb163 Bulls need to roll in like thunder $ES F 1814 x 1795

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:

image thumb164 Bulls need to roll in like thunder $ES F 1814 x 1795
image thumb164 Bulls need to roll in like thunder $ES F 1814 x 1795

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.

 

MiMlogo 1501 Bulls need to roll in like thunder $ES F 1814 x 1795
MiMlogo 1501 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):

image thumb165 Bulls need to roll in like thunder $ES F 1814 x 1795
image thumb165 Bulls need to roll in like thunder $ES F 1814 x 1795

That 104.25 was hit, we expect 104.50 to hold.

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Breadth Charts in Full:

Zweig Breadth Thrust:

image thumb166 Bulls need to roll in like thunder $ES F 1814 x 1795
image thumb166 Bulls need to roll in like thunder $ES F 1814 x 1795

Zweig is wedging in.

Cumulative Volume Index:

image thumb167 Bulls need to roll in like thunder $ES F 1814 x 1795
image thumb167 Bulls need to roll in like thunder $ES F 1814 x 1795

See chart of the day above.

 

Number of NYSE issues trading ABOVE their 40 day moving average (40DPI):

image thumb168 Bulls need to roll in like thunder $ES F 1814 x 1795
image thumb168 Bulls need to roll in like thunder $ES F 1814 x 1795

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:

image thumb169 Bulls need to roll in like thunder $ES F 1814 x 1795
image thumb169 Bulls need to roll in like thunder $ES F 1814 x 1795

Not high enough….

Trenders:

Short Term Trender -  McClellan Summation Index:

image thumb170 Bulls need to roll in like thunder $ES F 1814 x 1795
image thumb170 Bulls need to roll in like thunder $ES F 1814 x 1795

Neutral.

Long Term Trender -  Cumulative 4-week Highs – Lows (the fat lady):

image thumb171 Bulls need to roll in like thunder $ES F 1814 x 1795
image thumb171 Bulls need to roll in like thunder $ES F 1814 x 1795

Bullish.

Thank you for Reading -
Marlin aka RedlionTrader @redliontrader

 

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hostedwithx200 Bulls need to roll in like thunder $ES F 1814 x 1795
hostedwithx200 Bulls need to roll in like thunder $ES F 1814 x 1795