Market getting ready to break above the surface $ES_F 1844 x 1828


Featured Breadth Chart of the Day:

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Traders have been busy since I took my week off, not giving me my oversold Zweig but instead pushing it up into the overbought area, an area not to be ignored or necessarily bearish.  We watch the NHs/NLs now for grinding trends.


Quote of the Day:
Men achieve a certain greatness unawares, when working to another aim.
–Ralph Waldo Emerson


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

Short:  1844
Long: 1828

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Wow, you all have been busy riding this market up to the highs.  I have an upper target now of 1888, but for today it is 1844 with a downside target at 1828.  I need a day of trading to watch the NHs/NLs but from what I see there is nothing wrong with this market.


On the MiMSmile with tongue out

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Valentine’s MiM wasn’t much to look at.  Reviewing last week (since I was off) I don’t see any triggered MiM signals so our chart below remains unchanged for the Month with just 3 signals so far.

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
Total   .98 -4.10 -1.48

* – 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):

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Cash did move back into the markets and we are back on the highs with lower rates than last time we were here.  I would like to see a run up to 108 and eventual failure back to the 100 area. 

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


Breadth Charts in Full:

Zweig Breadth Thrust

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Overbought.  (That is bullish).


Cumulative Volume Index:

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Divergence.


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

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Divergence.


New Highs / New Lows ratio chart :

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Watch for a hold on the highs.


Trenders

Short Term Trender –  McClellan Summation Index:

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Bullish.


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

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Bullish.


Parting Shot: 

 

Back to snow..

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What a week to miss here in Maine.  Three snow storms and sub-zero weather.  I am reviewing some of the diving pictures Laura took last week and here is a hawksbill sea turtle we had the privilege of sharing a dive with.

If you dive or snorkel, Roatan is awesome.  All the dives are just 5 to 10 minutes away and the coral and sea life are very healthy, beautiful and abundant. 

Ah, back to shoveling.

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

Thank you for Reading –
Marlin aka RedlionTrader @redliontrader

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