Today’s Economic News:

Japan continues to be a bright spot.  The USA news cycle continues, watch those retail sales numbers at 8:30am EDT.

Quote of the day:
A couple months in the laboratory can save a couple hours in the library. – Westheimer’s Discovery

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

Of course the Zwieg will be our chart of the day, achieving its overbought rating finally, after moving from oversold towards the end of May.  It is top watching time now, but patience is advised.  The strength in here is great.

ES SP500 Futures Comments:

Short: 1460
Long: 1435

What a textbook breakout on news as the market just cruised to new highs.  We think that will be constrained with overbought and sold conditions everywhere now after the news. The depth of any re-thinking will be telling and the clues will be in the breadth charts, all which would take your breath away.   So we like shorting here in the 1460 area and we are interested in 1435 for a test.  Our eyes will also watch the 1445 area, as well as our bid/ask indicators, looking for a building wall of support.

I am still getting use to the December contract, the HNS we talked about the other day targeted 1449 on the DEC’s, that of course was blown through too.  So watch that area today on a test for a hold and possible bounce.

For all you bears out there, remember the Titanic did eventually sink and, if I remember correctly, there weren’t enough lifeboats for everyone.   More on that this weekend.

US Dollar DX Futures Comments:

The Dollar continues to fall to new lows and slicing through historic support.  We should see bounce today back into the 79 area.

TLT Twenty Year Bond ETF Comments:

That 121 area is the test for today.  We would expect a hold, the question is, do we see a reverse?  This will be another nice top tell.

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