Around the Globe
Today’s Economic News:
A string of disappointments from the UK has us wondering how the Eurozone is going to resolve over the next month. For today in the US, there are treasury auctions at 11:30am and 1pm ET. 10am is the IBD/TIPP Economic optimism, that might be worth watching.
Quote of the day:
Forgive your enemies, but never forget their names. – John F. Kennedy
Current Breadth Readings: (click here to see all our breadth charts)
We cycle through to showcase the New Highs/New Lows index today. It remains uber strong and one of the only supports now. Either the market will trigger into a new rally leg from here or this index will finally give up the 90’s and move to the 50’s, releasing some decent selling and a correction that could turn into a longer term reversal. This chart needs to be watched on a daily basis. They all do really.
ES SP500 Futures Comments:
We have adjusted both the short and the long side down today. The breadth is showing some weakness and we are expecting a directional break out of yesterday’s fairly tight range. We think 1441 should show buyers and 1458 should be a decent area to see selling. There is not much news today, at least not scheduled.
US Dollar DX Futures Comments:
The dollar is putting in a a bullish reversal pattern. A Cup and Handle with the lip of the cup at 81 and the bowl bottom at 79 would target the 81 area on a break. We like an upside target of 81.25. We still need to convincingly break that 80 area , but the handling of the Euro issues makes such a break seem inevitable.
TLT Twenty Year Bond ETF Comments:
The 121 area has bounced. We were looking for a failure here to 118.50, a necessary step to get the markets to rally back up to the highs and make new highs. Watch 124, a break there and we might be calling the top in the stock markets complete.
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