Today’s Economic News:
Decent numbers overnight, some mixed, but nothing to be pessimistic about. Germany continues to look stronger. In the US, initial jobless claims of course and chain store numbers are out all day long.
Quote of the Day:
Your heart often knows things before your mind does.
–Polly (Pearl) Adler
Featured Breadth Chart of the Day:
We are reaching here for the 40’s, that is our oversold area and unlike last round trip, that would be only 6 weeks between, last time we were 6 months!
Comments and Levels for the Front ES (S&P500 – Emini futures) contract:
Our 1680 area from yesterday trampolined this market back to the upside. For now the lug nuts are back on and this pattern here is pointing to a possible 1708 tag. For today we are targeting 1700 as a possible top. Breadth remains weak, but there is still plenty of bull left.
On the MiM:
The servers from our datafeed were down so we were unable to pull data out. I was tweeting on @MrTS_imbalance, make sure you follow that so you can get info on the feed. I was getting hand fed data via phone that I tried to update as best I could. The imbalance played little role in the close yesterday… that was the market message.
Comments about TLT (Twenty year Bond ETF):
We have tested that 106.75 now, that puts 107.75 in play.
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Breadth Charts in Full :
Zweig Breadth Thrust:
Looking for a 40, but first a message from the bulls.
Cumulative Volume Index:
Volume tracking price.
Number of NYSE issues trading ABOVE their 40 day moving average (40DPI):
A healthy pullback here.
New Highs / New Lows ratio chart :
We should see some residual bullish buying here.
Short Term Trender – McClellan Summation Index:
Neutral … but close to bearish..
Thank you for Reading –
Marlin aka RedlionTrader @redliontrader
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