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:

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)

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.

US Dollar DX Futures Comments:

Cut and Paste.   80 topside breakout, 79 downside.

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. 

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