Around the Globe
Today’s Economic News:
China is closed and the numbers were not too good. Mixed bag out of Europe today too, with only the Services PMI showing positive growth. 8:15am is the ADP Data. That will set the expectations going into Friday.
Quote of the day:
Anyone who eats three meals a day should understand why cookbooks outsell sex books three to one. – L. M. Boyd
Current Breadth Readings: (click here to see all our breadth charts)
For the second day in a row, we are featuring the NH/NL trending chart. We’re watching that touch of the 15DMA (the dotted line), a cross there is our trigger to think the rally is over.
ES SP500 Futures Comments:
Price is coiling like a snake in this lower high/higher low wedge pattern … Watch out for for that first breakout, it can’t be trusted. We have moved our short area all the way down to 1447 based on some weakness we see setting in on breadth. We could be wrong, in which case 1447 won’t give up much and 1455 would be back in play.
On the downside, we like 1428. We slid our area down a couple points but forget to update the text in the image below. We like the 1428 for a hold and journey back up . Again, if we are wrong and 1428 does not hold, it is the 1424 3% pullback that would interest us next.
US Dollar DX Futures Comments:
Eighty on the top line still holding fast here and still key to keep the rally hopes alive.
TLT Twenty Year Bond ETF Comments:
TLT also displaying the fight between 124 and 125. Resolution should be soon.
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