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:
Short: 1665
Long: 1610
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.
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Breadth Charts in Full :
Zweig Breadth Thrust:
Bearish divergence
Cumulative Volume Index:
Bearish divergence (just joined in )
Number of NYSE issues trading below their 40 day moving average (40DPI):
Bearish Divergence
New Highs / New Lows ratio chart :
Bearish Divergence (just joined in )
Trenders :
Short Term Trender - McClellan Summation Index:
Neutral (switch)
Long Term Trender - Cumulative 4-week Highs – Lows (the fat lady): ![]()
Bullish but always the last to join the party.. a confirming signal .
Thank you for Reading –
Marlin aka RedlionTrader @redliontrader
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