Quotes by TradingView
Sunday, January 17, 2021
Premium: TradeChat
No Result
View All Result
MrTopStep.com LLC
  • News
    • All
    • Reuters Business
    OP: Be the Tortoise

    OP: Be the Tortoise

    OP: Be the Tortoise

    Protected: OP: Be the Tortoise

    OP: Seeking Balance

    OP: Seeking Balance

    OP: Seeking Balance

    Protected: OP: Seeking Balance

    NYSE Holidays 2020 Stock Market Schedule

    NYSE Holidays 2021 | Stock Market Calendar

    OP: Setting the Stage

    OP: Setting the Stage

    OP: Setting the Stage

    Protected: OP: Setting the Stage

    OP: Overdue

    OP: Overdue

    OP: Overdue

    Protected: OP: Overdue

  • Products
    • Chatroom Login
    • Wyckoff Trader
    • MIM
    • Polaris Trading Group
    • IM Pro Trading Room
    • The Opening Print
    • FREE Daily Opening Print
  • Stocks
    • All
    • Apple
    • Dow Jones
    • Earnings
    • Facebook (FB)
    • Goldman Sachs (GS)
    • IPO
    • M&A
    • Markets
    • Mining
    • Nasdaq
    • NYSE
    • Russell 2000
    • S&P 500
    • Twitter (TWTR:NYSE)
    • VIX
    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: AFTERNOON WRAP 15 JANUARY: | ASX down 0.6pc over the week | Lithium sector springs back to life amid acquisition deals and price rises | China stocks fall as consumer, liquor firms retreat |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 15 JANUARY: | ASX to rise | Wall St lifts on Biden stimulus |The potential life-changers on Tolga Kumova’s radar in 2021 |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: AFTERNOON WRAP 14 JANUARY: | ASX gains 0.4pc | Consumer firms drag China shares lower; Alibaba, Tencent boost Hong Kong | Azure Minerals starts accelerated exploration and resource drilling program at Andover |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 14 JANUARY: | ASX to edge up | Here’s what ASX stockspert Bhavdip143 likes so much about the $35m Chimeric IPO |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: AFTERNOON WRAP 13 JANUARY: | ASX snaps loosing streak | China stocks mixed on profit-taking; consumer, healthcare down | BPH Energy’s investee Advent closer to drilling Baleen gas target, carbon capture and storage research |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 13 JANUARY: | ASX to slide, Wall St mixed | Felix becomes 2021’s first ASX tech IPO; shares edge upwards |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: AFTERNOON WRAP 12 JANUARY: | ASX falls 0.3pc | iCandy Interactive offers sneak peek into first of four new mobile games | China stocks rebound, Hong Kong hovers near 1-year high |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 12 JANUARY: | ASX to edge up, Wall St retreats | Airbnb breaks into top 10 US stocks for Australian investors |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: AFTERNOON WRAP 11 JANUARY: | ASX dips | Digital Wine Ventures dominates McLaren Vale wine region as orders surge over holiday season | China stocks slip on Sino-U.S. tensions |

    Trending Tags

    • FEEDID-6
    • FEEDID-51
    • FEEDID-44
    • FEEDID-31
    • FEEDID-21
    • FEEDID-16
    • FEEDID-36
    • FEEDID-10
    • feedid-56
    • feedid-58
    • feedid-61
    • feedid-59
    • feedid-60
    • feedid-62
    • feedid-63
    • feedid-65
    • feedid-66
  • Charts

    The Cotton Row Journal, week of 11-15 Jan

    Cabrera Capital Daily Game Plan

    Cabrera Capital Daily Game Plan

    GMTT – chart of the day – Coffee – Jan 15, 2021

    GMTT – chart of the day – Coffee – Jan 15, 2021

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: AFTERNOON WRAP 15 JANUARY: | ASX down 0.6pc over the week | Lithium sector springs back to life amid acquisition deals and price rises | China stocks fall as consumer, liquor firms retreat |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 15 JANUARY: | ASX to rise | Wall St lifts on Biden stimulus |The potential life-changers on Tolga Kumova’s radar in 2021 |

    The Cotton Row Journal, week of 11-15 Jan

    Jason Sen: Emini S&P Nasdaq Emini Dow Jones

    Jason Sen: Dax FTSE EuroStoxx

    Jason Sen: FX

  • Commentary
    • All
    • Market Recap
    • MrTopStep
    OP: Be the Tortoise

    OP: Be the Tortoise

    OP: Be the Tortoise

    Protected: OP: Be the Tortoise

    OP: Seeking Balance

    OP: Seeking Balance

    Danny’s Top Links – January 14, 2021

    OP: Seeking Balance

    Protected: OP: Seeking Balance

    NYSE Holidays 2020 Stock Market Schedule

    NYSE Holidays 2021 | Stock Market Calendar

    OP: Setting the Stage

    OP: Setting the Stage

    Danny’s Top Links – January 13, 2021

    OP: Setting the Stage

    Protected: OP: Setting the Stage

  • Education
    • All
    • Economics
    • Trading Methods
    • Trading Psychology
    • Trading Room
    • Trading Rules
    • Webinars
    GMTT / Chart of the day / Apple / Oct 27, 2020

    GMTT / Chart of the day / Apple / Oct 27, 2020

    NASDOG.com: Corn, What Changed Today?

    NASDOG.com: Corn, What Changed Today?

    NASDOG.com: Stocks Getting Serious; Quick Word on Beans

    NASDOG.com: Stocks Getting Serious; Quick Word on Beans

    NASDOG.com: Full For a Bull

    NASDOG.com: Full For a Bull

    HotSpots for 01/02/2020 for $ES $YM $NQ

    HotSpots for 01/02/2020 for $ES $YM $NQ

    HotSpots for 12/31/2019 for $ES $YM $NQ

    HotSpots for 12/30/2019 for $ES $YM $NQ

    HotSpots for 12/27/2019 for $ES $YM $NQ

    HotSpots for 12/25/2019 for $ES $YM $NQ

  • NYSE Holidays
  • Video
  • News
    • All
    • Reuters Business
    OP: Be the Tortoise

    OP: Be the Tortoise

    OP: Be the Tortoise

    Protected: OP: Be the Tortoise

    OP: Seeking Balance

    OP: Seeking Balance

    OP: Seeking Balance

    Protected: OP: Seeking Balance

    NYSE Holidays 2020 Stock Market Schedule

    NYSE Holidays 2021 | Stock Market Calendar

    OP: Setting the Stage

    OP: Setting the Stage

    OP: Setting the Stage

    Protected: OP: Setting the Stage

    OP: Overdue

    OP: Overdue

    OP: Overdue

    Protected: OP: Overdue

  • Products
    • Chatroom Login
    • Wyckoff Trader
    • MIM
    • Polaris Trading Group
    • IM Pro Trading Room
    • The Opening Print
    • FREE Daily Opening Print
  • Stocks
    • All
    • Apple
    • Dow Jones
    • Earnings
    • Facebook (FB)
    • Goldman Sachs (GS)
    • IPO
    • M&A
    • Markets
    • Mining
    • Nasdaq
    • NYSE
    • Russell 2000
    • S&P 500
    • Twitter (TWTR:NYSE)
    • VIX
    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: AFTERNOON WRAP 15 JANUARY: | ASX down 0.6pc over the week | Lithium sector springs back to life amid acquisition deals and price rises | China stocks fall as consumer, liquor firms retreat |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 15 JANUARY: | ASX to rise | Wall St lifts on Biden stimulus |The potential life-changers on Tolga Kumova’s radar in 2021 |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: AFTERNOON WRAP 14 JANUARY: | ASX gains 0.4pc | Consumer firms drag China shares lower; Alibaba, Tencent boost Hong Kong | Azure Minerals starts accelerated exploration and resource drilling program at Andover |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 14 JANUARY: | ASX to edge up | Here’s what ASX stockspert Bhavdip143 likes so much about the $35m Chimeric IPO |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: AFTERNOON WRAP 13 JANUARY: | ASX snaps loosing streak | China stocks mixed on profit-taking; consumer, healthcare down | BPH Energy’s investee Advent closer to drilling Baleen gas target, carbon capture and storage research |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 13 JANUARY: | ASX to slide, Wall St mixed | Felix becomes 2021’s first ASX tech IPO; shares edge upwards |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: AFTERNOON WRAP 12 JANUARY: | ASX falls 0.3pc | iCandy Interactive offers sneak peek into first of four new mobile games | China stocks rebound, Hong Kong hovers near 1-year high |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 12 JANUARY: | ASX to edge up, Wall St retreats | Airbnb breaks into top 10 US stocks for Australian investors |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: AFTERNOON WRAP 11 JANUARY: | ASX dips | Digital Wine Ventures dominates McLaren Vale wine region as orders surge over holiday season | China stocks slip on Sino-U.S. tensions |

    Trending Tags

    • FEEDID-6
    • FEEDID-51
    • FEEDID-44
    • FEEDID-31
    • FEEDID-21
    • FEEDID-16
    • FEEDID-36
    • FEEDID-10
    • feedid-56
    • feedid-58
    • feedid-61
    • feedid-59
    • feedid-60
    • feedid-62
    • feedid-63
    • feedid-65
    • feedid-66
  • Charts

    The Cotton Row Journal, week of 11-15 Jan

    Cabrera Capital Daily Game Plan

    Cabrera Capital Daily Game Plan

    GMTT – chart of the day – Coffee – Jan 15, 2021

    GMTT – chart of the day – Coffee – Jan 15, 2021

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: AFTERNOON WRAP 15 JANUARY: | ASX down 0.6pc over the week | Lithium sector springs back to life amid acquisition deals and price rises | China stocks fall as consumer, liquor firms retreat |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 15 JANUARY: | ASX to rise | Wall St lifts on Biden stimulus |The potential life-changers on Tolga Kumova’s radar in 2021 |

    The Cotton Row Journal, week of 11-15 Jan

    Jason Sen: Emini S&P Nasdaq Emini Dow Jones

    Jason Sen: Dax FTSE EuroStoxx

    Jason Sen: FX

  • Commentary
    • All
    • Market Recap
    • MrTopStep
    OP: Be the Tortoise

    OP: Be the Tortoise

    OP: Be the Tortoise

    Protected: OP: Be the Tortoise

    OP: Seeking Balance

    OP: Seeking Balance

    Danny’s Top Links – January 14, 2021

    OP: Seeking Balance

    Protected: OP: Seeking Balance

    NYSE Holidays 2020 Stock Market Schedule

    NYSE Holidays 2021 | Stock Market Calendar

    OP: Setting the Stage

    OP: Setting the Stage

    Danny’s Top Links – January 13, 2021

    OP: Setting the Stage

    Protected: OP: Setting the Stage

  • Education
    • All
    • Economics
    • Trading Methods
    • Trading Psychology
    • Trading Room
    • Trading Rules
    • Webinars
    GMTT / Chart of the day / Apple / Oct 27, 2020

    GMTT / Chart of the day / Apple / Oct 27, 2020

    NASDOG.com: Corn, What Changed Today?

    NASDOG.com: Corn, What Changed Today?

    NASDOG.com: Stocks Getting Serious; Quick Word on Beans

    NASDOG.com: Stocks Getting Serious; Quick Word on Beans

    NASDOG.com: Full For a Bull

    NASDOG.com: Full For a Bull

    HotSpots for 01/02/2020 for $ES $YM $NQ

    HotSpots for 01/02/2020 for $ES $YM $NQ

    HotSpots for 12/31/2019 for $ES $YM $NQ

    HotSpots for 12/30/2019 for $ES $YM $NQ

    HotSpots for 12/27/2019 for $ES $YM $NQ

    HotSpots for 12/25/2019 for $ES $YM $NQ

  • NYSE Holidays
  • Video
No Result
View All Result
MrTopStep.com LLC
Home Commentary

The MiM advantage and a Zweig Countdown starts: $ES_F 1606 x 1668

Marlin Cobb by Marlin Cobb
Wednesday, August 21, 2013
in Commentary, S&P 500
0 0
0
The MiM advantage and a Zweig Countdown starts: $ES_F 1606 x 1668
44
SHARES
316
VIEWS
Share on FacebookShare on Twitter

Today’s Economic News:

image

Not much happening today pre-USA opening.   We like the CBI industrial trends trend.  Watching for existing homes and crude inventory numbers.

Quote of the Day:
You cannot build a reputation on what you intend to do.
–Liz Smith

Featured Breadth Chart of the Day:

image

This is a 3 day view of the Zweig index which gives us more time to look back and study how the market has tended to bounce in the past from these levels.   Since August of 2011 these moves have tended to mark the low spot of the pull-back, fiddling and diddling a bit before getting back on the track and humming higher.    Our last pull backs in May & June signaled a possible change in that pattern.    Each one of the pullbacks at the bottom this year was also marked with a signature double band 9:1 negative thrust down days.  We are thinking the bulls have not exhausted enough yet and therefore we will see some more downside.  We are looking for 1606 as a target and possibly lower.

On the bulls side is a Zweig oversold (DH that is right, right?), moving above 40 has started a Zweig Thrust countdown.  Should the bulls show an ability to move the Zweig above 60 in the next 10 trading days,  a continued bull rising market into the end of the year would be a pretty sure thing.

 

image

 

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

Short: 1686
Long:  1635

image

Things are settling here on price and while we did get our bounce yesterday (two day’s a charm), the close and the data from the MiM were too much to bear and the market sold the close and that carried on overnight.   We don’t think that 1657 counts as the bounce high, we wanted something a bit more that would allow us to explore 1606 easier.  The close yesterday caught us totally by surprise, well I have the MiM so I was surprised at 3pm as opposed to 3:45 pm .

For today, we are marking 1635 as the low area that the bulls must hold in order to fake a run higher to 1668 and satisfy our need for a bounce.  Should that break, then the bears are short-cutting it and trying to get this correction over as soon as possible.  It is difficult to call daily in here, our longer term outlook is bearish until we see some exhaustion and the trenders begin to correct to the upside.

 

On the MiM:

SNAGHTML43ed944

Two days ago nobody loved the MiM.  Yesterday was all love.

I think it’s worth reminding ourselves exactly what the MiM is and how it works.  There are new readers and even for those that read every day, the more you read it, the more it will sink in.

The MiM is simply the collection of early imbalance indication from a subset of stocks on the NYSE.  This subset of stocks is consistent from day to day and are chosen for their correlation to the closing price movement on the S&P 500.  In other words, if they tend to have selling imbalances, the market tends to sell.   The collection of the data is by hand.  We are the only source for this data that is generated through the hard work of clerks on the NYSE floor that gather the data and assemble it real-time into a database from which we pull the MiM data from.   It is a hand process (noise) and the stocks are a subset of the NYSE (noise).

I add that noise word in parentheses in because, as an engineer, I am always interested in where noise or errors are in the data I am looking at.  I am looking for a signal and that signal has to be stronger than the noise to be accurate.  That is why I have my 66.6% rule.  I use that all the time for other things in the market too, like for testing trading algorithms. I want to know that my signal lives outside the error band to improve my odds.

For us meter readers, remember, we have a consolidated view of early-imbalance readings that most people don’t have.  We have a unique view.  The market specialists of course are working hard to bring their books into balance for the close of their particular symbols,  but they don’t have the bigger market-wide picture like we do.

Relating this all to yesterday:  I was out of the market all day yesterday working on other projects.  I make it a habit of getting into the MrTopStep trading room  before 3pm ET and getting a feel for how the day traded and looking for a MiM reading to start coming in.  In my piece yesterday on my blog,  I made a call for a move up and was happy to see that around 2:45pm ET we were up +10 ESu on the day bouncing from the low area we thought would hold.  I wanted higher still into the close.  Then the MiM data came and I was a bit surprised. Strong sell.  It was 97% sell side dollar-wise, 90% symbols-wise and the overall dollar amounts were decent enough to warrant a look for a signal and possible entry.

So in the trading room we watched and waited to see how real and fluid the numbers were. I like 3:20PM entries.   There was a discussion of the previous day’s MiM readings and how there was a decent buy signal but the markets sold off against the MiM.  This MiM had one thing going for it that the previous day did not and that was the symbol list bias.  Of the 318 symbols showing imbalances, 84% of them were on the sell side.  That aligned what we were seeing for dollar imbalances. That did not happen on Monday’s MiM reading.

For yesterday, the NYSE released  the committed MOC orders at 2:45pm and the MOC trade was sealed and the market reaction was to sell.  That release is when the other 99% got their first view of the imbalance data.  The same imbalance us meter readers saw about 45 minutes earlier.  That to me is a real advantage.

image

While the MiM does not produce a signal ever day, when all things align it is a terrific tool in understanding the close and the mechanics of the close and even no signal is information.

I consistently get requests for free trials to the MiM.  That is not going to happen because setting up a trial and working with new meter readers will just kill my productivity, but here is what I tell those that are curious.  First, if you can’t afford to test the MiM for $99 for the month, read through the blog and the snapshots and see how the close works.  There is plenty of data we share, all free, that will tell you how the MiM works.  That being said,  seeing the meter in action, live, is very different.  Having it on your screen while price moves for that last hour of the day adds a new “feel” to how you view the closing market.  Even if you use it for a month, it will most likely instill in you a feel for the mechanics of the close that will stay with your trading psyche forever.  It is a $99 investment in understanding another aspect of the markets, the close.  I think that is a great education at a very good price.

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

 

Comments about TLT (Twenty year Bond ETF):

image

TLT just on a holding pattern.  102.50 is the obvious hold line, looking for 105 at some point.

>>> Follow us @redliontrader<<<<<

 

Breadth Charts in Full :

Zweig Breadth Thrust:

image

Bounce and a count start, but unlike Seals & Crofts, we believe we will pass this way again.


Cumulative Volume Index:

image

Tip of green.

 


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

image

We are going to start looking for divergence but we have just bounced too early.


New Highs / New Lows ratio chart :

image

For those bullish, this pattern on the NH/NL is almost the exact pattern we saw in June that marked the bottom for the previous run into August.


Trenders :

Short Term Trender –  McClellan Summation Index:

image

Bearish


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

Bearish.

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.

Hosting and Newsletter service provided by:

image

 

Previous Post

Timing is everything

Next Post

Bet on Consumers Again

Related Posts

OP: Be the Tortoise
Commentary

OP: Be the Tortoise

Friday, January 15, 2021
OP: Be the Tortoise
Commentary

Protected: OP: Be the Tortoise

Friday, January 15, 2021
OP: Seeking Balance
Commentary

OP: Seeking Balance

Thursday, January 14, 2021
Next Post
$DIA $SPY $QQQ Summer Rally Ends

Bet on Consumers Again

Please login to join discussion

Search

No Result
View All Result

MrTopStep Live Stream

Popular Posts

  • NYSE Holidays 2020 Stock Market Schedule

    NYSE Holidays 2021 | Stock Market Calendar

    2307 shares
    Share 935 Tweet 572
  • S&P 500 projections: What the locals in the pit think

    244 shares
    Share 98 Tweet 61
  • Tuesday more of the same; be long, but careful

    237 shares
    Share 95 Tweet 59
  • The dead cat bounce

    189 shares
    Share 76 Tweet 47
  • After 6 up days in a row, we’re looking for the S&P to go south

    170 shares
    Share 68 Tweet 43

Subscribe to our Newsletter

The information in these Market Commentaries do not constitute a solicitation of the purchase or sale of any futures or options contracts.

Connect

Facebook Twitter Youtube

Office Hours

Monday-Friday: 7:30 AM- 4:00 PM
Order online 24/7

Ph: (207) 358-8545‬

email: info@mrtopstep.com

We Accept

© 2020 - MrTopStep All Rights Reserved.

No Result
View All Result
  • News
  • Products
    • Chatroom Login
    • Wyckoff Trader
    • MIM
    • Polaris Trading Group
    • IM Pro Trading Room
    • The Opening Print
    • FREE Daily Opening Print
  • Stocks
  • Charts
  • Commentary
  • Education
  • NYSE Holidays
  • Video

© 2020 - MrTopStep All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In