Featured Breadth Chart of the Day:
Yesterday was stronger than the bearish stance we would have liked with breadth moving a bit more bullish than makes us comfortable. We still remain on the bear side until the trenders confirm. They moved to neutral yesterday.
Our premise is made on the fact that we really didn’t get a flush down, a 9:1 down day.
Quote of the Day:
So long as you rob Peter to pay Paul, you’ll have Paul’s support.
Comments and Levels for the Front (S&P 500 – E-mini futures) contract:
Our target levels continue to go higher. We see 1861 as an upside reach and we continue to like lower. On the 1842 area, we suspect that bulls have support. If that breaks we have 1835. A break of 1842 helps us confirm our working thesis that the markets are not done selling.
On the MiM:
No confirming buying on the MiM and no strong signal.
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|Date Of Signal||Direction||x:00 Entry/Close||x:20 Entry/Close||x:30 Entry/Close|
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Comments about TLT (Twenty year Bond ETF):
The Fed doesn’t just borrow money, it uses the markets as a liquid resource, taking money when it needs and buying it back when it doesn’t need. It doesn’t need right now, in fact it is flush with cash as April tax revenue is pouring in. This is the one time of the year when the balance runs a surplus. There will be increased buy backs and that will put upward pressure on prices. Watch that 111.50 area.
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Breadth Charts in Full: Zweig Breadth Thrust
Looking for < 40.
Cumulative Volume Index:
Kind of neutral for yesterday, not much change.
Number of NYSE issues trading ABOVE their 40 day moving average (40DPI):
Holding for now.
New Highs / New Lows ratio chart:
We wanted 80 to hold and less than 100 new highs. We got 106 and 93, so a dagger in the hearts of the bears. Let’s see if we can get some downside momo today.
Trenders Short Term Trender - McClellan Summation Index:
Long Term Trender - Cumulative 4-week Highs – Lows (the fat lady):
Running Wicked late. Everyone have a great 3 day weekend. Even if you don’t believe in a Risen Savior, how about you get up anyways on Sunday and enjoy the miracle of the rising sun. Peace.
Don’t forget to signup for the MrTopStep Boot camp next week! http://chat.mrtostep.com
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Thank you for Reading – Marlin aka RedlionTrader @redliontrader
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