Turn-around Tuesday… What does that mean in a directionless 5+ days? $Study

Around the Globe

    Asia – CLOSED
  • Shanghai (China) -0.74%
  • Hang Seng (Hong Kong) +0.42%
  • Nikkei (Japan)-1.43%

Europe as of 6:14am EDT

  • DAX (Germany) -0.17%
  • FTSE (UK) -0.36%

Today's Economic News:

image

Still light on news.  Watch for Draghi pre-market in a possible move up.  Consumer confidence at 10am could add momentum to a setup direction.

Quote of the day:
The middle of the road is where the white line is-and that's the worst place to drive. – Robert Frost

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

image

Our McClellan Summation trender has lost some of its Bullish luster.  That has happened before only to correct back to bullish on this leg up.  Will it be Resumption Tuesday or Correction Tuesday.

 

ES SP500 Futures Comments:

Short: 1461
Long: 1437

We double bottomed at the 1445 area before making another run to the 1460, that has failed overnight and we now sit at the 1% correction area.  We would look for our first shorting opportunity at 1461 and are still interested in longs at the 1437 area.   It is turn around Tuesday, and for a market that has known only on direction lately and has stalled in that direction, it is not clear which way is the turn-around.  Breadth remains strong and the market continues to digest the recent gains without giving up more than 1.5%.    The charts are looking like the end of August that gave us a protracted period of reflection before finding the courage to forge ahead.

 

image

US Dollar DX Futures Comments:

Cut and Paste.   80 topside breakout, 79 downside.

image

TLT Twenty Year Bond ETF Comments:

We are looking for a turn around in the TLT.  The 123 area should pose as that upside line in the sand.  There is a reason we draw them in the sand, and a little crooked sometimes, and this is one of those occasions.  So we want to watch the 124.50 area for a hold if 123 were to go to the bond bulls. 

image

>>> 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. TTTHedge.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. TTTHedge.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.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!