Today’s Economic News:
Goldilocks numbers out of Europe and in the US today, it is housing and consumer confidence to watch.
Quote of the Day:
If it doesn’t matter who wins, then how come they keep score?
–Vincent Lombardi
Featured Breadth Chart of the Day:
Today we will put up a trender to remind ourselves that at the beginning of September we moved from bearish to bullish on the short term trend. We have not, despite a couple of good selling days, done that switch back, ie. be careful on the short side.
Comments and Levels for the Front ES (S&P500 – Emini futures) contract:
Short: 1701
Long: 1687
Tuesdays have been quite bullish this year and the market might just need a turnaround. We think that the 1701 area makes a nice upside target and that 1690 should hold, if not that, then 1687. If 1687 breaks, then the bears or bad news are stronger than we expected.
On the MiM:
We were trading the MiM live in the MrTopStep boot camp, excited at the possibility of putting on a long in the 3:20pm ET area, but as that approached, the imbalance started evaporating and the finger was taken off the trigger (or mouse button in this case).
We are waiting for some volume to kick in to get some closing volatility. Right now it is just head-fake after head-fake into the close.
The MiM arrives again today at 2:45pm ET. If you want to take a ride you can visit: Join the MiM
Comments about TLT (Twenty year Bond ETF):
Reaching hard for that 106.50 target. 104 is the downside hold area and it could fold there quickly.
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Breadth Charts in Full :
Zweig Breadth Thrust:
NYSE needs to see a positive A/D today, at least by the close.
Cumulative Volume Index:
Still bullish.
Number of NYSE issues trading ABOVE their 40 day moving average (40DPI):
Neutral.
New Highs / New Lows ratio chart:
Bulls need to re-capture the 90s.
Trenders:
Short Term Trender - McClellan Summation Index:
Bullish.
Long Term Trender - Cumulative 4-week Highs – Lows (the fat lady):
Bullish.
Thank you for Reading –
Marlin aka RedlionTrader @redliontrader