Market Overview

Lowered Our Upper Level, 1st Time in a Long Time $ES_F 1521 X 1491

Around the Globe

 

    Asia – CLOSED
    • Shanghai (China) +0.57%
    • Hang Seng (Hong Kong) +0.85%
    • Nikkei (Japan)+0.50%

Europe as of 7:48am EDT

    • DAX (Germany) -0.94%
    • FTSE (UK) -0.61%
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Today's Economic News:

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Pretty negative all around for ECON news today.  Watching 8:30am Jobless Claims.  

Quote of the Day:
None of you really has faith unless he desires for his neighbor what he desires for himself.
–Prophet Muhammad

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

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Just a little peek-a-boo higher fro the Zweig.  Still tough to call and time acts as a sort of correction, a consolidation.  Breadth saying this has some upside in it still.

ES SP500 Futures Comments:

Short: 1521
Long:  1491

For the first time in a long time we have lowered our upper level.  Not by much, but still down from 1523 to 1521, that is something.  We also moved up the lower level to 1491 area, a 2% pullback from here is expected.

 

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US Dollar DX Futures Comments:

Yesterday we were a little disappointed in the dollar as we had that 80.80 target.  We are feeling pretty good today.  We want more upside here to put pressure on the US Stock market to the downside.  

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TLT Twenty Year Bond ETF Comments:

Like the dollar we continue to like the TLT to the upside from here into the 119 area. 

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

 

 

 

This market still not showing signs of wanting to give in to the downside.

Our Zweig did manage to put just a bit of a higher high in, but not enough to really impress:

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Our CVI flattened out yesterday:

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Our 40 DPI continues to fall apart:

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Our New Highs / New Lows have improved:

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McClellan Summation Index still holding bullish:

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Cumulative 4 week New Hi-Lo Index is strongly bullish still:

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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: News Forex Global Economics Markets Trading Ideas

 

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