Market Overview

Sticking With $ES_F 1516 x 1475 Trading Box. The Jenga Tower Just Starting to Wiggle

 

 

Overnight Markets:

Morning links:

 

 

Around the Globe

 

    Asia – CLOSED
    • Shanghai (China) +0.57%
    • Hang Seng (Hong Kong) +0.16%
    • Nikkei (Japan)-1.80%

Europe as of 7:59am EDT

    • DAX (Germany) +0.23%
    • FTSE (UK) +0.47%
 
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Today's Economic News:

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Good news out of China and Europe today. 

Quote of the Day:
When all else fails, read the instructions.
–Cahn's Axiom
also known as RTFM (Read The F'in Manual)

 

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

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Our chart of the day is the summation McClellan that we use for trending and it is just starting to roll here, we are scoring the chart as neutral-bullish.. 

 

ES SP500 Futures Comments:

Short: 1516
Long:  1475

Not going to change a thing today in the range.  If you want to know our thinking read yesterday's and the day before's posts:

http://www.redliontrader.com/market-forecast/sticking-with-a-cap-at-es_f-1516-and-downside-target-1475-study/

http://www.redliontrader.com/market-forecast/we-are-going-to-take-a-stab-at-a-es_f-1516-max-top-and-downside-target-at-1475-study/

This is our chart:

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and the other chart:

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US Dollar DX Futures Comments:

We would like to see 80 area hold an an attempt to get to that 80.50 target.  Good economic news out of Europe makes that a bit harder today.

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TLT Twenty Year Bond ETF Comments:

We need the TLT to lift its head skyward now, that 119 target is slowly fading away if we can't get the price to move.

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

 

 

 

 

Breadth Charts In depth:

We continue to watch just a little bit more breadth come off.   The afternoon price rally yesterday suggest a possible sideways correction in play, which could resolve to higher prices, we need to keep an eye on a run away train to the upside still.

The Zweig continues to put in a series of lower highs, watch that 50 region.

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CVI matching price action:

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The 40 DPI is on a bearish divergence:

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Just ridiculous.  The New Highs / New Lows:

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Our faster trender has gone bullish-neutral again and is getting closer to turning more bearish:

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The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

Posted-In: Commodities Markets Trading Ideas

 

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