Where is the driver to steer? $ES_F 1897 x 1861

Featured Breadth Chart of the Day:



Still stuck in the middle on the Zweig.  Someone needs to take control here and really steer the course.


Quote of the Day:
After three days, fish and guests stink.
–John Lyly

Comments and Levels for the Front (S&P 500 – E-mini futures) contract:

Short: 1897

Long:  1861


We are up against the 1879 discussed yesterday and that puts in a new top and target at 1897, looking for a blow off in that area maybe.   It means if you want to short for the May factor, you have to plan for a long ride up as a possible scenario.  The goal of trading is planning and outlasting your opponent, that means good risk management.

If 1879 turns out today to be the turning area, give or take a few, watch for the bulls at 1861 on the downside and see if they can regain footing, if not we think 1831 will be the first pause area.


On the MiM:


I have been trying to trade the MiM mechanically.   I was hoping that by the anniversary of this indicator I could be only a mechanical trader.  That requires me to sit down behind the computer, pay attention and trade without really thinking.   That is 3 requirements that I can’t keep 100%.  I don’t always have control over my time (yesterday I was a couple minutes late, a lifetime in computer cycles), paying attention? (enough said on that) trade without thinking?  I think you see the problem.   So my results don’t match the mechanical ones below.

For instance, I took the trade at 3:00pm yesterday.  Long at 1877 on the June contract.  There was no mechanical entry according to our chart above, at 3:00pm it was 64/63%,  that is below my threshold.

The next entry time was 3:20pm, again no entry yet I continued to play my trade.  My story ends positive – the MiM charts end up without a final trade for April but all that being said, April was a good ride for the MiM and May will be my anniversary month which last year (I only had access during the last two weeks) was a pretty darn good ride during turbulent times.

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
4/2/2014 Long 1.99 1.09 0.07
4/3/2014 Long 2.71 1.99 0.31
4/11/2014 Short 1.16 2.86 5.10
4/15/2014 Long 4.04 -0.21 -0.04
4/17/2014      Short 1.72 3.66 3.27
4/23/2014 Short -0.41 (xx:20)
Total   11.21 9.39 8.72


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

Comments about TLT (Twenty year Bond ETF):


A fairly neutral FOMC press release indicating a slow tapering, that leaves us sideways on the TLT.  Yesterday’s poor economic numbers, on the other hand, have us looking toward low rates for a while.  That will eventually turn in our favor.  

Follow me on Twitter  @redliontrader <<<<<

Breadth Charts in Full:   Zweig Breadth Thrust


Bulls need to break out today.


Cumulative Volume Index:


On the line.

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


In the last couple of days we have pulled back enough to make a decent foot hold for a push higher.

New Highs / New Lows ratio chart:



Falling short of the 90s, we did 107 new highs on the NSYE, that needs to get up above 200 soon.

Trenders Short Term Trender –  McClellan Summation Index:



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



Parting Shot: 

Happy May Day to all!  Time to put on our traditional garbs and wrap some ribbons around a May Pole.  Not gonna happen here today for me, it’s rainy and 42 degrees.

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

Thank you for Reading – Marlin aka RedlionTrader @redliontrader

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