Running Late–Quick update $ES_F 1861 x 1842

MrTopStep.com


Featured Breadth Chart of the Day:

 

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image thumb93 Running Late–Quick update $ES F 1861 x 1842

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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.
–Anonymous




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

Short: 1861
Long:  1842

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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:

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No confirming buying on the MiM and no strong signal.

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
4/11/2014 Short 1.16 2.86 5.10
4/15/2014 Long 4.04 -0.21 -0.04
Total   9.90 5.73 5.45

 

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

MiMlogo 1501 Running Late–Quick update $ES F 1861 x 1842

Running Late–Quick update $ES F 1861 x 1842


Comments about TLT (Twenty year Bond ETF):

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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.

 

Follow me on Twitter  @redliontrader


Breadth Charts in Full:   Zweig Breadth Thrust

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image thumb97 Running Late–Quick update $ES F 1861 x 1842

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Looking for


Cumulative Volume Index:

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image thumb98 Running Late–Quick update $ES F 1861 x 1842

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Kind of neutral for yesterday, not much change.

 


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

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image thumb99 Running Late–Quick update $ES F 1861 x 1842

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Holding for now.


New Highs / New Lows ratio chart:

image thumb15 thumb thumb thumb thum2 thumb Running Late–Quick update $ES F 1861 x 1842

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image thumb100 Running Late–Quick update $ES F 1861 x 1842

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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:

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image thumb102 Running Late–Quick update $ES F 1861 x 1842

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Neutral.


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

wlEmoticon nyahnyah4 Running Late–Quick update $ES F 1861 x 1842

Running Late–Quick update $ES F 1861 x 1842

:

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image thumb103 Running Late–Quick update $ES F 1861 x 1842

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Neutral.


Parting Shot: 

 

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

 

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

Thank you for Reading – Marlin aka RedlionTrader @redliontrader

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