Watching the 1408 $ES_F area for a tap $study

Around the Globe

    Asia – CLOSED

  • Shanghai (China) -0.35%
  • Hang Seng (Hong Kong) +1.70%
  • Nikkei (Japan)-1.78%

Europe as of 11:45am EDT

  • DAX (Germany) -0.59%
  • FTSE (UK) +0.37%

Today’s Economic News:


China’s PMI number was a miss on expectations, but it did represent a counter trend to global PMI’s, like the UK’s, that continue to weaken.  We need to stay above 50 on those PMIs!

Quote of the day:
It has yet to be proven that intelligence has any survival value. – Arthur C. Clarke


Current Allocations from our room:


Performance Month to Date from our room:


Current Breadth Readings:



Our longer term McSI index remains in bullish mode.  We would consider any dips buying opportunities.


ES SP500 Futures Comments:


Buy the dip.  Is this the end of the dip?  Dunno, but breadth has certainly corrected enough for the bulls to take a run up to the 1408 area.  That is where our sell zone is.


Our buy zone from yesterday was spot on. Today we pull it down a little as a failure at the 1391 area should produce selling down to 1383/81 area.  That area we think would be even more positive for a bounce and return of the bull.



US Dollar DX Futures Comments:

The dollar continues to base below the trendline and we continue to watch for a break here of the 78.75 area which will put the head and shoulders into play with a $2.25 lower target (76.50).  image

TLT Twenty Year Bond EFT Comments:

TLT continues to show “no faith” in the rally.  It is not paying any homage here as it continues to signal weakening economic conditions and a “hold on to cash” mentality.  We need to see that 116 area break to signal that the sideliners are joining. in.


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