Featured Breadth Chart of the Day:
Zweig is still suffering directionally, very indecisive. These indecisive movements usually end lower. Let’s see.
Decent news from Europe and really not much from the US. Some short-term bill auctions to keep our eyes on.
Quote of the Day:
The thing I hate about an argument is that it always interrupts a good discussion.
Comments and Levels for the Front (S&P 500 – Emini futures) contract:
We have 1848 in the headlights for today. We will look for a reversal there but if we stay strong and new shorts are forced to cover higher, we have 1855 as the eventual next higher landing pad.
This inability to move higher and that choppy Zweig discussed above, have us also looking lower for 1826 today. Should that break we look toward 1810 and then, well then, we will be in corrective mode.
On the MiM:
The case of the strangely appearing buying MiM. Friday’s close saw a surge of buying just before the close. That has kept the market higher here for Tuesday’s opening.
We are looking for a closing imbalance trend for January and like our Zweig, we have not found that yet.
We are just a week away from another MrTopStep boot camp, a unique opportunity to spend an immersive period learning how the IM Pro room trades. There are still some seats open and you will get direct access to me and trading the MiM. Click on boot camp to signup.
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|Date Of Signal||Direction||x:00 Entry/Close||x:20 Entry/Close||x:30 Entry/Close|
* – NFP Day before and day of.
** – New Year’s Eve / End Of Year
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As blue as a boy can be $ES F 1854
Comments about TLT (Twenty year Bond ETF):
Here we are at 105.50 and looking to short with a target to 103.25.
>>> You can follow me on Twitter @redliontrader
Breadth Charts in Full:
Zweig Breadth Thrust
Market has found a little gap up this AM. Let’s see if the bulls can advance it today.
Cumulative Volume Index:
All about the open today.
Number of NYSE issues trading ABOVE their 40 day moving average (40DPI):
New Highs / New Lows ratio chart:
Bulls gotta knock the balloon back up to the 90s.
Short Term Trender - McClellan Summation Index:
Long Term Trender - Cumulative 4-week Highs – Lows (the fat lady):
I put on my Blue Suede Shoes over the weekend and enjoyed a terrific Christmas present from my wife, a Marc Cohn show. For those that don’t know Marc, he and I are best friends now but let’s not embarrass him by asking him that, his most famous song is “Walking in Memphis” but this piano-playing singer-songwriter (not too shabby with a guitar either) has a whole series of great songs and put on a terrific show.
I am always amazed and a lot envious of those that can play or have real talent. The world is full of great people and every time I get to share in their time and space I feel truly amazed. It reminds me that these are the moments that define our reason for living and working hard, to enjoy the gifts of others.
Thank you Laura and Marc.
Thank you for Reading -
Marlin aka RedlionTrader @redliontrader
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