Don’t fight the news. Watching 1300 $ES_F for a hold $study

TTT Buy Signal Day 4


Our TTT Buy signal remains in effect and is now starting day 4. It has two more days to reach its 3 to 5% potential. If the markets hold today and rally from the open after retesting 50% of Monday’s moves, we should make it no problem. If we fail today that uphill battle could appear too daunting and we will await another signal attempt much like the Zweig.



Around the Globe

    Asia – CLOSED

  • Shanghai (China) -0.42%
  • Hang Seng (Hong Kong) -1.33%
  • Nikkei (Japan)-1.98%

Europe as of 7:22am EDT

  • DAX (Germany) -1.64%
  • FTSE (UK) -1.77%

Today’s Economic News:


Quote of the day:
Somebody has to do something, and it’s just incredibly pathetic that it has to be us. – Jerry Garcia



Current Allocations from our room:




Current Breadth Readings:



Since we remain on a Zweig Breadth Thrust count this chart remains our chart of the day.  Today starts Day #2, but the weak pre-market has us thinking that our count might just end up today in abort status.  Stay Tuned, hanging in there.


ES SP500 Futures Comments:


Two charts.  One with yesterday’s buy/sell areas and you can see that we missed the top by a couple.  The point of the chart is that we are in the buy area established yesterday and we want to try to use that same area today to capture a long and see if this market is able to put in a higher high in the 1335 area.



For today we like it long in the 1303 area and a multi-day hold up to 1335.   The bulls need to fight back however and make it up and through 1312  & 1325. Both are key to establishing some type of reversal.  Should 1300 break we are looking toward 1280 for a lower low landing area.



US Dollar DX Futures CommentsOpen-mouthed smile

Don’t fight the news.  We always talk about fighting the tape and price is king, but something sets the tape into motion and it is not technicals, at least not always.  Our news cycle remain very poor and despite the Greek tragedy, and oh by the way, this play we are watching is going on much too long, the ending is becoming clearer and clearer which should remove some of the uncertainty.  We expect Spain, Italy and Ireland to not choose the path of the Greeks.  This is all in a way of saying as long as we have Europe FUD the dollar will remain bullish, rallying on strong US economic news or bad Europe news.


It broke a bull flag pattern which is bullish and we now want to step away from shorts.



TLT Twenty Year Bond EFT Comments:

We need to continue to watch TLT,  The 124.47 top needs to act as containment.  We still like the short in here down to 120 but only because we have room above from that entry.


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