Featured Breadth Chart of the Day:
Let’s slide the Zweig chart out of the way and put in the NHs/NLs chart as our focus chart of the day. When we are bullish we want this to be in the 90s and stay there. That shows uber bullishness and buying that should sustain. This last push up only got us in the mid 80s and now we are coming back down. We did just 83 new highs on the NYSE. All this takes some shine off the market that continues to drift sideways. While I continue to be seasonally bearish, a market that is losing breadth without price following through can be bullishly dangerous because if that breadth returns, this snake will shed out of its skin and rocket higher.
Quote of the Day:
Hurry! I never hurry. I have no time to hurry.
Comments and Levels for the Front (S&P 500 – E-mini futures) contract:
We can squeeze those upper and lower lines together just a wee bit today. 1889 for the top and if we extend adn break 1893, we would have a bull run on our hands.
On the favored, at least my favored, downside, we have 1852 as a target and possible hold area.
On the MiM:
First signal in May that evaporated when the the symbol % number moved below 66% at 3:20pm ET. A kind of short spring shower. It netted me +2 points on an ES trade.
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|Date Of Signal||Direction||x:00 Entry/Close||x:20 Entry/Close||x:30 Entry/Close|
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Comments about TLT (Twenty year Bond ETF):
Not gonna be easy to get this down. Some relief today with a gap up opening if it holds.
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Breadth Charts in Full: Zweig Breadth Thrust
Morning gap up this AM, just as we were making some downside progress.
Cumulative Volume Index:
That is not impressive selling in the least. No one wants to give up yet so we slowly crawl up the line.
Number of NYSE issues trading ABOVE their 40 day moving average (40DPI):
Not very compelling on the downside.
New Highs / New Lows ratio chart:
Some one needs to really pin the needle on either the buy or sell side.
Trenders Short Term Trender – McClellan Summation Index:
Bullish – neutral.
Long Term Trender – Cumulative 4-week Highs – Lows (the fat lady):
I hope this doesn’t come off nasty as I really enjoy talking to other traders and I will spend as much time with anyone that asks for help. All I ask in return is that you have interesting questions, or questions that show you have tried.
I get questions once or twice a week that are in the vein of “What am I doing wrong?” or “How do I trade the MiM?” or “It doesn’t work”. What doesn’t work? Have you looked, have you tried? I don’t really want to interview someone to find out what the full question is. Often I have to.
My verbal exchange rate is easily 20:1. That is for every one word someone sends me, I give 20 back. Maybe I am too verbose. That is the nature of explaining. Everyone is smart and intelligent and when I get an answer that makes no sense, I at least know the writer of the question is simply confused. I am confused a lot, too. But the nature of the confusion helps me understand what he or she is seeing and I can more easily correct the view. It is usually a problem with vocabulary and definition. Once those things are cleared up, the view becomes more obvious. It is how we learn.
Not to sound too Zen, but if you need my help, give me some history, what you have tried, what you see. Explain it to me and I can see if I can help. I need to see the world through your eyes in order to help and when my eyes are rolled to the back of my head it hurts.
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Thank you for Reading – Marlin aka RedlionTrader @redliontrader
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