Yesterday the bulls looked a bit tired, today… they have a new summit to hold $ES_F 1680 x 1625

Today’s Economic News:

SNAGHTMLbe2c0

Great numbers out of Japan.  Don’t like those negative inflation numbers out of Germany.   Jobless claims and retail sales numbers are the potential tail wind for the bulls today.


Quote of the Day:
The real trap of fame is its irresistibility.
–Ingrid Bengis

Featured Breadth Chart of the Day:

image

The Zweig gave us a bit of downside despite the market holding, as did the NH/NL chart.  This rally is just now starting to show some fraying.

 

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

Short: 1680
Long:  1625

image

Like a rat on a sinking ship, we climb our potential top higher yet again, this time to 1680.  That double top is still in play to that area at which point any retest to the downside will be worthy of noting, much like that 1595 area was.  We are just seeing a bit of fraying here only (ha) putting in 192 new highs.  We will continue to watch that and any stumble for the bull between here and 1680. 

On the MiM

image

Great opportunities on the MiM, right at the time and location that most thought the plug was to be pulled on the markets, us meter readers had a little inside edge watching the buy side build.  Many managed to make money yesterday.  This is how it played out in the MTS IM-Pro trading room:

image

A good solid performance for the MiM  giving us confidence on a hold and then a run, that has continued into this  morning.

 

Comments about TLT (Twenty year Bond ETF):  

image

Looking for a run up to 108.75 and then that double bottom is in play on any test at 106, failure means the 105.25 area in our opinion.

>>> Follow us @redliontrader<<<<<

 

Breadth Charts in Full :

Zweig Breadth Thrust:

image

Just a bit divergent.  This gap up today should be a real tell if the market can hold.


Cumulative Volume Index:

image

Market looked tired yesterday and now it has been given a boost up, can it follow through?

 


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

image

While all the other indicators were down a touch yesterday, this 40DPI made progress, that is that math advantage for the bulls at work now.


New Highs / New Lows ratio chart :

image

Just a touch of warning, today is about follow-through.


Trenders :

Short Term Trender –  McClellan Summation Index:

image

We have moved from correction to bullish again!


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

Fat-Lady is now 2 days above the demarcation zone, that puts here as bullish.

Thank you for Reading –
Marlin aka RedlionTrader @redliontrader

 

DISCLAIMER: The information and data in the following report(s) were obtained from sources considered reliable. Opinions, market data, and recommendations are subject to change at any time. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any commodities or securities. RedlionTrader.com, its  officers, directors and its contributors may in the normal course of business, have position(s), which may or may not agree with the opinions expressed in this report. RedlionTrader.com, its officers, and directors are not agents, representatives, or affiliates of the CME Group or any trading entity. Trading Futures, Options, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. Any decision to purchase or sell as a result of the opinions expressed in these report(s) will be the full responsibility of the person(s) authorizing such transaction(s). BE ADVISED TO ALWAYS USE PROTECTIVE STOP LOSSES AND ALLOW FOR SLIPPAGE TO MANAGE YOUR TRADE(S) AS AN INVESTOR COULD LOSE ALL OR MORE THAN THEIR INITIAL INVESTMENT. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.