Swing number three at 1680 on the E-Mini

Today’s Economic News:


Great numbers out of the UK today… Watch what is happening in Philly.  Good news should equal good news with the Ben insurance policy.

Quote of the Day:
I haven’t spoken to my mother-in-law for eighteen months—I don’t like to interrupt her.
–Ken Dodd

Featured Breadth Chart of the Day:


We took that 2nd stab up and we did move the Zweig.  Will our 3rd assault on 1680 work?


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

Short: 1680
Long:  1650


Assault number two was a no go at the 1680 level.  We have moved back just a bit.  I added the ATR (Average true range) about a week ago just out of curiosity.  The way I have it set up gives me the average move with globex over the last 2 days in a 60 minute window.  The answer is 2.81 and that is up from 2.5, so volatility is up, we would expect it to settle or trend down if we are in climb mode. 

Numbers are the same as yesterday, everything is the same except that the bulls made no headway, but neither did the bears.  That 1665 area seems defended as well as 1680 so watch for a break on either of those for confirmation and to see the market move to the next quantum level.



On the MiM


Wasn’t much on the close yesterday as we just moved into it slowly.  We did know that they were not going to take it down much, so no spill on the close.  That is valuable information to have.  The trade was just before the reveal,  (3:45PM ET) when the NYSE numbers are made public, to go long with the MiM and then hold into the close gave you almost 2.   

Looking at this chart and watching the meter in action are really two different things.  As price is moving, the MiM is moving, you do get a sense of how the close is going to work.  Two days in a row we have “trending” MiM readings, which either strengthened in to a signal like yesterday, or weakened out of a signal as the day before.   I think we struggle most with those days.  We all want the 500M 90% buy.  That is a clear signal.  The trending days are a bit tougher to decipher, but there is data there and data worth having and knowing.



Comments about TLT (Twenty year Bond ETF):  


Destination has been reached on the TLT.  Watching for 110 to hold and a failure between here and there  to see how serious we are about 106.


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Breadth Charts in Full :

Zweig Breadth Thrust:


Bulls need to find some more advancing stock.

Cumulative Volume Index:


No info here.


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


40 DPI in alignment with the bulls.

New Highs / New Lows ratio chart :


Perfect new high recovery for the bulls back into the 90s.

Trenders :

Short Term Trender –  McClellan Summation Index:



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


Thank you for Reading –
Marlin aka RedlionTrader @redliontrader


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