Around the Globe
- Asia – CLOSED
- Shanghai (China) +1.27%
- Hang Seng (Hong Kong) +0.82%
- Nikkei (Japan)+0.60%
Europe as of 6:39am EDT
- DAX (Germany) -0.29%
- FTSE (UK) +0.05%
Today’s Economic News:
Quote of the day:
There is no such thing as “fun for the whole family.” – Jerry Seinfeld
Current Allocations from our room:
Performance Month to Date from our room:
Current Breadth Readings:
The breadth chart to watch today is the CVI which is currently setup as a bearish divergence. It needs to put in that higher high and join the family of other breadth charts that are bullish for the most part . There is a lot to do today for the bulls, but mostly it is about advancing price and defending price for the bulls.
ESu SP500 Futures Comments:
Sell Zone: 1325
Buy Zone: 1285
Speaking about advancing price, the market is sitting on the top of a right shoulder of a head and shoulder pattern and just breached into our sell area from yesterday which we have now nudged up to 1325 today. The bulls need to hold here for a day or break through. I will draw in my head a line at 1305. Selling below that will put the breadth charts into jeopardy or slipping further bearish.
Although our buy area sits below a broken neckline on a 40 point head and shoulder, we are still going to watch the market for long at 1285 should we get there. The market has been pivoting around 1313 for the last few days, the bulls need to find that gear to advance the price, else gravity will return us back below 1300.
Watching the Head and Shoulder today and TLT 124.50. If that breaks we should start upside resumption.
US Dollar DX Futures Comments:
TLT Twenty Year Bond EFT Comments:
124.40/124.50 – Watching the TLT very closely here for a break. We like the downside, especially on a break and hold below the 124.40 area. We have a short term target down to 123.
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