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After nine days in the desert, time to set the horse free $ES_F 1811 x 1798

Marlin Cobb

Today’s Economic News:

image thumb150 After nine days in the desert, time to set the horse free $ES F 1811 x 1798

Not much here as far as economics are concerned, pending home sales in the USA.   

Quote of the Day:
The quest for riches darkens the sense of right and wrong.
–Antiphanes, ancient Greek dramatist

Featured Breadth Chart of the Day:

image thumb151 After nine days in the desert, time to set the horse free $ES F 1811 x 1798

Zwieg narrowing in.

Comments and Levels for the Front ES (S&P500 – Emini futures) contract:

Short: 1811
Long:  1798

image thumb152 After nine days in the desert, time to set the horse free $ES F 1811 x 1798

Friday gave us a breakout to the upside, putting the bulls further in control.  I was up late last night watching the Patriots comeback so I will make today short and sweet.  For the upside we are targeting 1811 and our downside for today is 1798.

On the MiM:

image thumb153 After nine days in the desert, time to set the horse free $ES F 1811 x 1798

There is no snapshot for Friday due to someone not turning that feature on in the new release, but it is not like we missed anything as the MiM was totally neutral, moving back and forth a couple of times.

MiMlogo 1501 After nine days in the desert, time to set the horse free $ES F 1811 x 1798

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

 

 

 

Comments about TLT (Twenty year Bond ETF):

image thumb154 After nine days in the desert, time to set the horse free $ES F 1811 x 1798

Looking for 103.50 to hold and 104.25 to be touched.

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Breadth Charts in Full :

Zweig Breadth Thrust:

image thumb155 After nine days in the desert, time to set the horse free $ES F 1811 x 1798

Bulls did a good but they still need to Zwieg up and get this indicator into the upper 50s.

Cumulative Volume Index:

image thumb156 After nine days in the desert, time to set the horse free $ES F 1811 x 1798

Bearish divergent that an up market today will fix.

 

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

image thumb157 After nine days in the desert, time to set the horse free $ES F 1811 x 1798

Again here, a bearish divergence that could be satisfied today. 

New Highs / New Lows ratio chart :

image thumb158 After nine days in the desert, time to set the horse free $ES F 1811 x 1798

This needs to improve for the bulls. 

Trenders :

Short Term Trender -  McClellan Summation Index:

image thumb159 After nine days in the desert, time to set the horse free $ES F 1811 x 1798

Neutral.

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

image thumb160 After nine days in the desert, time to set the horse free $ES F 1811 x 1798

Bullish.

Thank you for Reading -
Marlin aka RedlionTrader @redliontrader

 

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