Markets Slogging Higher, watch out for some mud today $ES_F 1892 x 1873

MrTopStep.com


Featured Breadth Chart of the Day:

Warning bears… The NHs/NLs have once again regained control of the 90s and our trenders teased us with bearish sentiment but have whipped back around for the bull.

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image thumb22 Markets Slogging Higher, watch out for some mud today $ES F 1892 x 1873

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3rd day, but we are super excited on the the NHs/NLs.  We wanted 200 yesterday, we got 191, not bad, but we can’t keep this pace up so we need to see the markets relax just a bit.


Quote of the Day:
Restlessness and discontent are the first necessities of progress.
–Thomas Alva Edison


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

Short: 1892:

Long:  1873

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image thumb23 Markets Slogging Higher, watch out for some mud today $ES F 1892 x 1873

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1886 was our destination from Y’day and that puts 1892 up on the board for our next target to the upside.  If the market decides it needs to be punched down in order to rise again, we like 1873 as a hold area.

 

On the MiM:

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image thumb24 Markets Slogging Higher, watch out for some mud today $ES F 1892 x 1873

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Didn’t take long to get our first MiM signal and it came in on the buy side as money for April is being put to work.  I made a couple of points off a 3pm entry but I didn’t layer in at 3:20 or 3:30pm as I didn’t see any additional growth in the direction of the imbalance.

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
Total   1.99 1.09 0.07
  • 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 Markets Slogging Higher, watch out for some mud today $ES F 1892 x 1873

Markets Slogging Higher, watch out for some mud today $ES F 1892 x 1873


Comments about TLT (Twenty year Bond ETF):

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image thumb25 Markets Slogging Higher, watch out for some mud today $ES F 1892 x 1873

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We want lower still. Still more lower toward 105 as money is forced out of bonds

follow me on Twitter  @redliontrader


Breadth Charts in Full:   Zweig Breadth Thrust

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image thumb26 Markets Slogging Higher, watch out for some mud today $ES F 1892 x 1873

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Despite the new highs (the S&P was the market strength yesterday) our Zweig took a stop back.  I would expect some consolidation.  No doubt that the trend is up, though.


Cumulative Volume Index:

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image thumb27 Markets Slogging Higher, watch out for some mud today $ES F 1892 x 1873

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New Highs.

 


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

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image thumb28 Markets Slogging Higher, watch out for some mud today $ES F 1892 x 1873

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Again, not much added as far as breadth.  Yesterday, despite the new highs, was an under-the-hood consolidation day.


New Highs / New Lows ratio chart:

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image thumb29 Markets Slogging Higher, watch out for some mud today $ES F 1892 x 1873

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Too high!


Trenders Short Term Trender -  McClellan Summation Index:

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image thumb30 Markets Slogging Higher, watch out for some mud today $ES F 1892 x 1873

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Bullish.


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

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image thumb31 Markets Slogging Higher, watch out for some mud today $ES F 1892 x 1873

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Bullish.


Parting Shot: 

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20140402 065703 Markets Slogging Higher, watch out for some mud today $ES F 1892 x 1873

Markets Slogging Higher, watch out for some mud today $ES F 1892 x 1873

Did I mention that I am doing a webinar a week from today on the MiM?  It’s an all day affair and I am evidently one of thirteen traders.  If you want to hear me stumble through a presentation and are interested in learning more about the MiM and my experiences in trading it, you can sign up here.  In my struggle to find a head shot (I really don’t have a good angle), I got thinking – what about a foot shot?  Why are we so hung up on head shots?  I have some pretty good looking feet and even better, I have a new pair of Sloggers shoes this week to show off.   If you don’t know Sloggers, they are a 100% American made brand of molded shoes, designed originally for garden work and outdoor “slogging” around.  Up until recently they have just appealed to the feminine side of the population, but not anymore! No sir.  We now have Sloggers for men and here I am with my best foot forward proudly wearing my American made Sloggers.   No longer the exclusive domain of my wife who has had her garden pair for a while now and has done much planting and weeding in them,  I am now a member of the Sloggers family.  I appreciate the heel too, I need all the vertical help I can get.

There are not many shoes made domestically anymore.  Maine was a huge shoe manufacturing state, all empty brick mills now.  Somehow, despite the roadblocks and our war on jobs here in the US, Sloggers has figured it out and that earns them a mention today.  It’s getting close to garden time, we just need to get the ground thawed, until then I will wear my Sloggers indoors, which unlike other brands of molded shoes,  have a real sole and soul, and that ain’t no croc.

Happy slogging in your gardens!

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

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.

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