Breakout Attempt, 4x a charm? $ES_F 1892 x 1855

Charts, E-mini S&P 500, MiM

Featured Breadth Chart of the DayNyah-Nyah

Building some support here and with this AM gap up it will be all about the post open and if we can hold the gap into noontime.


Quote of the Day:
If you’re looking for friends when you need them…it’s too late.
–Mark Twain


Comments and Levels for the Front (S&P 500 – E-mini futures) contract:

Short: 1892
Long:  1855

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If you are a bull, you are frustrated.  If you are bear, you are frustrated.  If you are just trading ranges, you are in heaven.   There is no progress as the markets are in American Idle mode.

A gap up this AM has us testing the 1882 top for the fourth time.  Should we break up and through 1886, we expect to see 1892.  On the downside, if the gap open is rejected and selling through 1870 looks strong, watch for 1855.

 

On the MiM:

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We still have not achieved a full-ride (3:00pm –> 4:00pm) signal.  The 3:00 signal was just shy of my signal by 4% on the dollar side.   I did take a 3:20pm entry and 3:30pm based on a signal and growing imbalances.  That produced a couple of points on each.  Trades on the MiM are starting to add up for May.

 

If you have streaming issues, please let me know.  info@mrtopstep.com

Date Of Signal Direction x:00 Entry/Close x:20 Entry/Close x:30 Entry/Close
5/6/2014 Long 1.88 (xx:20)
5/8/2014 Long 3.11 (xx:40) 1.24 (xx:40)
5/9/2014 Long 2.72 2.50
Total   4.99 3.96 2.50

 

If you want to join the meter readers you can go to: Join the MiM


Comments about TLT (Twenty year Bond ETF):

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Some downside movement toward our 109.  If we rally today up and through 1892 on the ES contract, expect more downside.

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Breadth Charts in Full:   Zweig Breadth Thrust

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If we run, we have fuel to go on.

 


Cumulative Volume Index:

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Everything in need of a breakout.


Number of NYSE issues trading ABOVE their 40 day moving average (40DPI):

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And the wind-up.


New Highs / New Lows ratio chart:

 

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Bulls need to push it up.


Trenders Short Term Trender –  McClellan Summation Index:

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Bearish.


Long Term Trender –  Cumulative 4-week Highs – Lows (the fat lady)Nyah-Nyah:

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Bullish.


Parting Shot: 

 

 

As always, we want your feedback!  marlin@redliontrader.com

Thank you for Reading – Marlin aka RedlionTrader @redliontrader

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