Around the Globe
Today’s Economic News:
Continuing deterioration in Europe on the Service PMI numbers along with lower interest rates (risk off) in UK. We want this ship to start turning here soon.
Quote of the day:
The United States is a nation of laws: badly written and randomly enforced. – Frank Zappa
Current Breadth Readings: (click here to see all our breadth charts)
The 52 Week new highs continue to be strong and could be lining up for a third wave here. The trending 4 week cumulative has chopped back into bullish. Someone needs to break out of this range.
ES SP500 Futures Comments:
We are going to leave everything where it was yesterday. We think a break down below 1396/95 will find buyers in the 1390 area and we think this move, if we break above 1410, will take us to 1420 before showing signs of exhausting.
It is 10 days now since the highs and we continue to consolidate in this +/-2% range.
Not much to say today except we know our ranges and we expect a break out at any point. That breakout will most likely be news based, once it happens, watch those technicals for where they will exhaust.
US Dollar DX Futures Comments:
The breakdown in the Dollar yesterday was quickly bought back up and into the range. 81.80 remains upside resistance. We want to see that 81 break and hold below to get the equity markets on the run to the upside.
TLT Twenty Year Bond ETF Comments:
Bonds made that break on Friday but could not follow through on Tuesday. There is a 130.50 target for the bulls to hit based on the 127 breakout. We would like to see some respect for the upper Bollinger band with a reversal to the downside.
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