Let’s Pretend.. $ES_F 1862

Featured Breadth Chart of the Day:


I am on the road this week and my brilliant idea was to bring just my Chromebook.  It is lighter, has great battery life and faster.  Well read below for the oops.  In the meantime I will “digitally” update the charts this week by telling you how much they have moved.

I will leave the NH/NL chart on the top to watch for any moves below 90.  Yesterday we ended at: 92.11.  Still in the 90s.  So the trend up continues.

Quote of the Day:
The world isn’t ready for just Chrome:
–Marlin Cobb

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

Short:  1862
Long: 1842

As you read this you will see that all our breadth numbers continue to be in the bull camp.  We reached and stretched and hit that 1856 area that was pointed out yesterday as a possible reversal.  That was a good 8 point short area.

Today, watch for an inside day.  That will not be bullish if it happen.  The bulls have to show they belong up there at 1856.  A touch of 1862 would be victorious and tested most likely.  So read this as market is bullish, but not sure if we didn’t overstep yesterday. On the downside we expect 1842 to hold.

On the MiMSmile with tongue out


While not officially a sell because we didn’t have enough symbols on the sell side, the large dollar side did go directionally with the market.  I can feel something a brewin’ in here.  Last week of February and the MiM seems to be revving up.

If you have streaming issues, please let me know.  info@mrtopstep.com

Date Of Signal Direction x:00 Entry/Close x:20 Entry/Close x:30 Entry/Close
2/3/2013 Long -0.64 -2.80 -3.90
2/4/2013 Long -1.55 -0.70 4.85
2/5/2013 Long 1.21 -1.30 -2.43
2/20/2013 Long -1.07 -1.84 -1.12
Total -0.9 -5.94 -2.60

* – NFP Day before and day of.
** – New Year’s Eve / End Of Year

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

Comments about TLT (Twenty year Bond ETF):


I don’t have an updated chart, but we still like the idea of going to 108 for a test.

>>> You can follow me on Twitter  @redliontrader <<<<<

Breadth Charts in Full:

So here’s the deal.  I can’t for today, tomorrow or Thursday get updated charts.  I can get the values for the charts and here they are:


So let’s review:

T2103 -> ZBT is up, not overbought yet, that has to be greater than 60.  Let’s watch for follow through today.
T2004 -> Up Volume.  The market did a nice job accumulating in stocks.  They were buying again watch for follow through.
T2108  -> % of stock above their 40 day moving average.  Again nice and bullish.
T2117 -> My favourite.  New Highs vs. New Lows.  We want the bulls to keep a narrow range around the 90s.
T2128 & T2123 -> Trending indicators.  Both added and have us solid bullish.


Zweig Breadth Thrust


Zweig holding for a grind higher.  

Cumulative Volume Index:


Need to add some upside volume today.

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


Ditto on the 40 DPI.

New Highs / New Lows ratio chart :


Nice on the NHs.


Short Term Trender –  McClellan Summation Index:



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



Parting Shot: 



Geek lesson.

I am in Chicago this week.  I decided that I am not totally cloud based, that is to say everything lives in the cloud and all I need is access to it.   I bought an Acer Chromebook.  My gateway to the cloud.

Well, I use Worden for my breadth charts and while they are cloud based, all of there charts run on a horrid Microsoft add-in called “Silverlight”.  Guess what doesn’t work on ChromeOS? Yup, silverlight.  So find myself unable to access charts.

Lesson learned.  Note to Worden, get with the 21st century… and btw the 21st century doesn’t belong to Microsoft, it belongs for good or bad to Google.

For today, watch for an inside day to form.  That will not be good for the bulls.  If the bulls can breach 1856 again we like 1862.



As always, we want your feedback!  marlin@redliontrader.com

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.