Thinking Down Today, but Dangerous to the Upside $ES_F 1516 Still in the Targets, 1484 Downside
Around the Globe
Europe as of 6:42am EDT
Today's Economic News:
Good Service PMI numbers out today across Europe and China. In the US the 10am ISM number will be a mover.
Quote of the Day:
Current Breadth Readings: (click here to see all our breadth charts)
Breadth still says patience, patience, patience. The bloom is getting ready to wilt and it is showing us that, but the flower is not ready to be picked yet. We should get one more attempt.
ES SP500 Futures Comments:
We had 1494 marked out yesterday for reversal but we were not quite low enough as the bounce materialized from the 1490 area, the next level down for us from here would be the 1484 area.
We have 1516 as the next high. That will not most likely not happen, at least not today. In fact we kinda like short right from the open today down to that 1484 area, but shorters warning is in effect. This market remains very very strong and one day of weakness is not a calling to go in for the kill.
There is much work to do on this top before the bears should feel comfortable. A short from 1503 is a brave call when the market can sweep to 1516 in just minutes. Tomorrow we should be able to narrow our range just a bit.
US Dollar DX Futures Comments:
The dollar hit our upside target set yesterday @ 79.78. Now we want to see some downside to the 79.40 area, if we can't make it there then we need to think reversal.
TLT Twenty Year Bond ETF Comments:
There is our jump back in TLT , we will need some-type of retest and then perhaps a more sustained reversal to the upside.
>>> Follow us @redliontrader<<<<<
DISCLAIMER: The information and data in the following report(s) were obtained from sources considered reliable. Opinions, market data, and recommendations are subject to change at any time. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any commodities or securities. RedlionTrader.com, its officers, directors and its contributors may in the normal course of business, have position(s), which may or may not agree with the opinions expressed in this report. RedlionTrader.com, its officers, and directors are not agents, representatives, or affiliates of the CME Group or any trading entity. Trading Futures, Options, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. Any decision to purchase or sell as a result of the opinions expressed in these report(s) will be the full responsibility of the person(s) authorizing such transaction(s). BE ADVISED TO ALWAYS USE PROTECTIVE STOP LOSSES AND ALLOW FOR SLIPPAGE TO MANAGE YOUR TRADE(S) AS AN INVESTOR COULD LOSE ALL OR MORE THAN THEIR INITIAL INVESTMENT. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.