Today’s Economic News:
We don’t like negative inflation numbers, no matter what, and the material side of production is seeing deflation. That has us striping some numbers red this AM. Still no big numbers today in the US.
Quote of the Day:
A great many people think they are thinking when they are merely rearranging their prejudices.
Featured Breadth Chart of the Day:
And so this is Tuesday. And what have we done? Another week over and a new one has begun. And so this is Tuesday I hope you’ve been long, I don’t think its over, but the Zweig says not long.
Comments and Levels for the Front ES (S&P500 – Emini futures) contract:
A “Holding Monday”?, check.
A Trending Tuesday or Terrific Tuesday or Thrusting Tuesday is now on deck. By now you know the Tuesday phenom as you have either made a ton of money on Tuesdays, or been slapped or been a spectator. That Tuesday record is up for a test today and our breadth indicators, while some remain in bearish divergent mode, are all correctable with a decent move today. So the bulls have something to prove here.
A good bullish move would take us up and over 1674 and hold. If we hit 1674 and fold today that would be a sign that the first spear in the bull’s neck is starting to work. Our downside correction target has moved up to 1621 now.
I have been working hard on a couple of new products over the past month and been very very busy. Some of those products will be announced in the next week or so and I will keep you informed.
On Thursday, the MrTopStep group is hosting a special webinar, live trading session with Mark Fisher. Mark will be trading and talking about how to trade using his ACD trading methodology. I will have a NinjaTrader indicator available also that helps mark the ACD trading zones and bands. There is limited seating so make sure you register and get their early, it should be pretty popular, everyone likes to watch a trader trade live, right? It is like watching Nascar.
Here is more information: Mark Fisher Trades Live!
Comments about the Front US Dollar DX futures contract:
Dollar did not complete that iHNS target and we are back dancing around the necklace. Still looks bullish in here we would expect one more zig than zag before breaking out above 85.50.
Comments about TLT (Twenty year Bond ETF):
We like TLT long here, but it has to hold that 116 area.
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Breadth Charts in Full :
Zweig Breadth Thrust:
Zweig is telling us something here and Tuesday is a big test.. lots of pressure on a 18:1 stat.
Cumulative Volume Index:
Volume looks happy.
Number of NYSE issues trading above their 40 day moving average (40DPI):
Bearish divergence correcting.
New Highs / New Lows ratio chart :
Fantastic! Over-reach warning here.
Short Term Trender – McClellan Summation Index:
Bullish but weaker.
Happy as a woodchuck in a sawmill.
Thank you for Reading –
Marlin aka RedlionTrader @redliontrader
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