Today’s Economic News:
Oh my goodness, look at that number out of Japan! Awesome. All about Michigan today at that odd 9:55am ET. Why is Detroit in the eastern time-zone?
Quote of the Day:
The enraged colonists were mad.
–CJ’s US History Work
Featured Breadth Chart of the Day:
There is a plethora of bearish divergences today, the Zweig being just one of them. That means that this market breadth is going to have to kick on, else the leaders will snap the rubber band that is allowing them to run further ahead.
Comments and Levels for the Front ES (S&P500 – Emini futures) contract:
Just a quick note as I am out the door for the weekend. Obviously we are losing breadth support in here, we need to keep watching that and the NYSE NHS are a good barometer. 376 yesterday, that is still awesome, but we want less than that today.
Our upper target of exhaustion now sits at 1665 and our correction level at 1610.
You all have a safe weekend and don’t miss the MrTopStep webinar with my good friend Frank Ochoa, the Pivot Boss this Saturday. Frank has a great way of layering structure on the market and trading while managing risks.
click here to signup for: “Forecasting Accurate Targets with ADR featuring PivotBoss”
Comments about the Front US Dollar DX futures contract:
This area this AM, 84.30 was an upside target, we also have an inverse head and shoulders here that targets up to 84.67. We like dollar long to an eventual target of 86.
Comments about TLT (Twenty year Bond ETF):
Giddy up and go TLT. Looking for 120.
>>> Follow us @redliontrader<<<<<
Breadth Charts in Full :
Zweig Breadth Thrust:
Cumulative Volume Index:
Bearish divergence (just joined in )
Number of NYSE issues trading below their 40 day moving average (40DPI):
New Highs / New Lows ratio chart :
Bearish Divergence (just joined in )
Short Term Trender - McClellan Summation Index:
Bullish but always the last to join the party.. a confirming signal .
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.