Unsupportive breadth has us looking down to $ES_F 1672

Commentary, S&P 500

Today’s Economic News:


Really good data out of Europe.  Things looking good in the UK.  Watching those inflation numbers now.

Quote of the Day:
Many people take no care of their money till they come nearly to the end of it, and others do just the same with their time.

Featured Breadth Chart of the Day:


Market continues to struggle here to find some type of footing.


Comments and Levels for the Front ES (S&P500 – Emini futures) contract:

Short: 1697
Long:  1672


So tough in here to call.  Lower high, higher lows.  We are going in the directional bias of the trenders which are signally a longer term trend change to bearish.   That makes us call a double hold below 1699 and an eventual trip down to 1672, we just have to wait for the market to react.  We are wrong if we trade and hold above 1697 and breadth considerably improves, concurs and validates.


On the MiM:


A light reading to the sell side not really set up any directional bias.   We did mange to clip a couple of ticks to the downside, but we never really moved and that is amazing with a day that saw two good ten+ point moves.


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Comments about TLT (Twenty year Bond ETF):


We lost the 105.25 hold and now double tapping on the 104.90 area.  Our next level down is not showing but it is 103.75.  Watching for a reversal.

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Breadth Charts in Full :

Zweig Breadth Thrust:


Weaker Zweig.  We may have closed positive, but breadth disagrees.

Cumulative Volume Index:


Upside volume has stalled.


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


Again, breadth not in alignment with the market.

New Highs / New Lows ratio chart :



Trenders :

Short Term Trender –  McClellan Summation Index:



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


Thank you for Reading –
Marlin aka RedlionTrader @redliontrader


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