$ES_F 1836 X 1817

Marlin Cobb
April 11, 2014

Featured Breadth Chart of the Day:

 

image thumb67 $ES F 1836 X 1817
image thumb67 $ES F 1836 X 1817

Rejected!  Wow what a push back down.   Follow through today.

Quote of the Day:
Work keeps us from three great evils, boredom, vice and need.
–François Marie Arouet Voltaire

Comments and Levels for the Front (S&P 500 – E-mini futures) contract:

Short: 1836
Long:  1817

image thumb68 $ES F 1836 X 1817
image thumb68 $ES F 1836 X 1817

Premarket we have 1817 for a bounce area and as I type I see we have traveled to 1814.50 already.  We would like this area to hold and see a bounce up to 1836 for today.  We want to see a rip. A rejection.  We think there is more downside to come, we have not had exhaustion yet, but a good scare into the bears would help.

If we continue to unravel at the rate we did yesterday, we would look for a 9:1 down day.  We haven’t had one of those on this pull-back and for us those 9:1 down days are a period at the end of the sentence and we like to have two periods to really exhaust.  That would mean we still have some downside to go.   That being said, we have 1807 next up on the south track,  should 1817 not produce the hold we are looking for, right here. 

 

On the MiM:

image thumb69 $ES F 1836 X 1817
image thumb69 $ES F 1836 X 1817

I stumbled through my presentation yesterday, thank you for those that persevered.  We offered anyone who joined free access to the MrTopStep Trading Academy boot-camp starting just a week from today.   If you are interested in taking up that offer go to: http://closingimbalance.com/monthly-checkout/ You will get a coupon in your email that is good towards accessing the boot-camp for the week free.

During the boot camp I will trade with you interactively and discuss the MiM as it is moving.  It’s a great way to get into MiM and up to speed quickly.

As for yesterday’s MiM reading, for me, it never go to the 66% thresholds until 3:45, that made it too late to enter.

If you have streaming issues, please let me know.  info@mrtopstep.com

Date Of Signal Direction x:00 Entry/Close x:20 Entry/Close x:30 Entry/Close
4/2/2014 Long 1.99 1.09 0.07
4/3/2014 Long 2.71 1.99 0.31
Total   4.70 3.08 0.38
  • xx:20pm exit as the signal went away.

If you want to join the meter readers you can go to: Join the MiM

MiMlogo 1501 $ES F 1836 X 1817
MiMlogo 1501 $ES F 1836 X 1817

Comments about TLT (Twenty year Bond ETF):

image thumb70 $ES F 1836 X 1817
image thumb70 $ES F 1836 X 1817

Lower, Back to the 110 area.  We want to see 108 next

Follow me on Twitter  @redliontrader <<<<<

Breadth Charts in Full:   Zweig Breadth Thrust

image thumb72 $ES F 1836 X 1817
image thumb72 $ES F 1836 X 1817

Bounce

Cumulative Volume Index:

image thumb73 $ES F 1836 X 1817
image thumb73 $ES F 1836 X 1817

Back to the buy line.   We are missing real volume down days, the 9:1 days, like with did at the end of January and beginning of March.  Look at those loss days.  That should make you cautious about being a bull.

 

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

image thumb74 $ES F 1836 X 1817
image thumb74 $ES F 1836 X 1817

Bull need to reject the notion.  Bears need to really get some selling going.,

New Highs / New Lows ratio chart:

image thumb15 thumb thumb $ES F 1836 X 1817
image thumb15 thumb thumb $ES F 1836 X 1817
image thumb75 $ES F 1836 X 1817
image thumb75 $ES F 1836 X 1817

Toying.

Trenders Short Term Trender -  McClellan Summation Index:

image thumb76 $ES F 1836 X 1817
image thumb76 $ES F 1836 X 1817

Bearish

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

wlEmoticon nyahnyah1 $ES F 1836 X 1817
wlEmoticon nyahnyah1 $ES F 1836 X 1817

image thumb77 $ES F 1836 X 1817
image thumb77 $ES F 1836 X 1817

Neutral.

Parting Shot: 

 

20140409 181430 $ES F 1836 X 1817
View photos
20140409 181430 $ES F 1836 X 1817

Time to put all this down side negative trading behind us.  Stop reading the “2014 is doomsday” stuff and treat yourself to something delicious.

Monday is going to come soon enough, in the meantime do a little living.  For me a lobster roll and good coleslaw should do the trick along with a pint of my favorite, Allagash White.  Looking forward to it already. 

Enjoy your weekend!  It going to start to get busy again. 

As always, we want your feedback!  marlin@redliontrader.com

Thank you for Reading – Marlin aka RedlionTrader @redliontrader

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