Maybe Some Relief for the Bears Today, but Brief $ES_F 1494 $DX_F $TLT
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Around the Globe
Europe as of 7:00am EDT
Today's Economic News:
Couple of disappointments out of Europe today. In the US we will be watching factory orders at 10am are worth watching.
Quote of the Day:
The wisdom of the wise and the experience of the ages are perpetuated by quotations.
Current Breadth Readings: (click here to see all our breadth charts)
This is the New High New Low ratio chart we look at for breadth. It has no volatility and sits happy in the 90s. Until we start seeing some movement here this market will just keep chewing its way higher and higher. Waka waka waka
ES SP500 Futures Comments:
We are watching for a pullback in here, but just to the 1% area as the market remains very strong. Our buy/reversal area then for today is 1494. On the sell side we think 5 point pushes higher will remain the norm until it isn't so our sell reversal area sits at 1516 today. Other key areas are the 1502.50 area where we area as we write, that is the typical 0.5% pullback area. Should we fail hard and fall through our 1494 area we would look for the trampoline to stretch to 1484. The US Dollar is on a bounce and TLT needs some upside relief, those are downside market pressures for today.
US Dollar DX Futures Comments:
We hit our 79 target and now have an upside target of 79.78
TLT Twenty Year Bond ETF Comments:
TLT bulls are getting trounced, there should be some upside relief here sometime this week although 120 is getting further and further back in the rear view mirror. A rally in the dollar should help with an upside gap on the open.
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