Around the Globe
- Asia – CLOSED
- Shanghai (China) -0.96%
- Hang Seng (Hong Kong) -0.12%
- Nikkei (Japan)+0.40%
Europe as of 7:12am EDT
- DAX (Germany) -0.49%
- FTSE (UK) -0.46%
Today’s Economic News:
No overnight numbers for the USA pre-markets. We have plenty of activity today, however: we get a shot at the GDP and then at 2pm it will be the Beige Book.
Quote of the day:
Diplomacy is the art of saying ‘Nice doggie’ until you can find a rock. – Will Rogers
Current Breadth Readings: (click here to see all our breadth charts)
Our strongest bullish indicator is starting to give us concern. This is the New High/ New Low indicator and it has put in a lower high. It is still at a high reading and we won’t get overly concerned until we start getting readings below 50, but for now we want to watch this indicator closely.
ES SP500 Futures Comments:
Our shorting area today remains the same as yesterday. Our long area has moved down to 1396.50. Yesterday was a tightening consolidation pattern. We want to watch that 1404 area today for a hold and to see if we can’t pick up some support and push off in that area for a summit attempt to our 1420 area.
2pm is the Beige book, that might have something for us. 8:30am ET today is GDP that will set our pre-market. Breadth remains strong, hence the inability for the bears to drive down prices. The US Dollar and TLT need to break to the downside to garner the trade momentum to take prices higher.
US Dollar DX Futures Comments:
Patience as we await a move in the US Dollar. If we get some type of QE, we should see that 80.85 target hit with ease. News from the “Save Europe” campaign would also break the 81 line.
TLT Twenty Year Bond ETF Comments:
We moved our line in the sand yesterday to match that little hump from the beginning of August, so it’s 126 we watch from here. Equity bulls want to see a failure here with a goal of that 118.50 target to the downside.
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