Smokey has Setup a Road Block at $ES_F 1694, Hold or Break?

Today's Economic News:

Mostly great news so far today. 

Quote of the Day:
You are not what you own.
–Fugazi, American rock band

Featured Breadth Chart of the Day:

Price action looking stronger and our Zweig actually improving here.  We talked about buying the open yesterday and that was a good call.  The Zweig needs to show a bit of meekness and weakness.  That may not happen if the markets can run today.

 

Comments and Levels for the Front ES (S&P500 – Emini futures) contract:

Short: 1694
Long:  1686

The bull bought that 1675 area and hard.  We ran through our upper level yesterday back to 1694 and and our ATR has turned to a more bullish value.   So 1694 is the test area now, we still have a lower high and this should be the area it gets established, between here and 1697.  If the bear trenders are correct, we will see another failure in there with a target down to the 1672 area. 

 

On the MiM:

I was not here yesterday, but I did watch the MiM on my android phone and it worked great!  So don't forget that we are mobile friendly with the site.  If you have issues, let me know marlin@mrtopstep.com.

The MiM showed a growing imbalance into that 3:20pm ET time frame and it looks like you might have been able to squeeze out 2 if your feel was good.    It wasn't big size, but both symbol count and dollar size were in alignment.

 

If you want to join the meter readers you can go to: http://closingimbalance.com

 

 

 

Comments about TLT (Twenty year Bond ETF):  

The rally from the globex lows yesterday put the TLT into a tail spin, sending it back down into the 105 area for exploring.  We want 105.25 to hold and form another reversal to assault the 108 area.

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Breadth Charts in Full :

Zweig Breadth Thrust:

The Zweig is building just a bit here. The price action looks more favorable than the Zweig, though.  The bulls need +2:1 NYSE a/d lines, the bears –2:1.  Yesterday was 1:1 with good price recovery.

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Cumulative Volume Index:

Nothing here.

 

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Number of NYSE issues trading ABOVE their 40 day moving average (40DPI):

 

 

Neutral.

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New Highs / New Lows ratio chart :

New Highs.

 

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Trenders :

Short Term Trender -  McClellan Summation Index:

Bearish.

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Long Term Trender -  Cumulative 4-week Highs – Lows (the fat lady):

Bearish.

Thank you for Reading –
Marlin aka RedlionTrader @redliontrader

 

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