Looking to see if we can grind it higher now $ES_F 1408 $Study

Around the Globe

Asia – CLOSED

  • Shanghai (China) +0.16%
  • Hang Seng (Hong Kong) -0.04%
  • Nikkei (Japan)+0.88%

Europe as of 6:23am EDT

  • DAX (Germany) -0.64%
  • FTSE (UK) -0.48%

Today’s Sunrise from Fortunes Rock’s, Maine..

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Today’s Economic News:

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Quote of the day:
Rock journalism is people who can’t write interviewing people who can’t talk for people who can’t read. – Frank Zappa

Current Breadth Readings: (click here to see all our breadth charts)

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Back to looking at the Zweig today.  A higher high setup leaves this indicator in the bull camp and looking for more.

 

ES SP500 Futures Comments:

Short: 1408
Long: 1384

Our trading ranges are tightening quickly as the markets go into higher high creep mode.  Not one of these thrusts since June 4th has been able to turn into a grinding multi-week trend.   We are watching closely for signs that this one is different.  Thus far, everything is holding on.

We see the next push higher hitting the 1408 area and buyers should be sitting at the 1384 area for accumulating.  If this range continues to narrow and price behaves in those ranges, then a nice upside trend, like the one at the end of 2011, should be setting up.

 

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US Dollar DX Futures Comments:

A couple of narrow days on the US Dollar as the equities markets continue to push higher.   Waiting for the next dramatic move in this area.  The markets are impatient and need daily doses of injected intervention.

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TLT Twenty Year Bond ETF Comments:

The TLT 125/125.50 head and shoulder target is in the scope now.   We would expect some sideways action in here.

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