We can’t always get what we want, and we want one more rally… $ES_F 1446 is our target area $study

Quote of the day:
You cannot shake hands with a clenched fist. – Indira Gandhi

Current Breadth Readings: (click here to see all our breadth charts)


The loss of the 15 DMA and price trending down has the trenders now changed to bearish.


ES SP500 Futures Comments:

Short: 1446
Long: 1408

We see some range expansion.  A rally into 1446 has us ready to right mouse click (short) and 1408 is our next interesting buy area.  Our breadth is very weak and signaling a turn to a bear market.  We think that call is still early as we continue to play just around the 3% area.  We would like to see that 3rd wave up fail to make a new high and put on the bear suit there, but we don’t always get what we want.


US Dollar DX Futures Comments:

The bulls have a flat dollar on their side still,  watching 79 on the downside.


TLT Twenty Year Bond ETF Comments:

Watch the 125 area for a hold.  On the downside, the bulls need to break 121 to get the party started again.


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