Quote of the day:
You cannot shake hands with a clenched fist. – Indira Gandhi
Current Breadth Readings: (click here to see all our breadth charts)
The loss of the 15 DMA and price trending down has the trenders now changed to bearish.
ES SP500 Futures Comments:
We see some range expansion. A rally into 1446 has us ready to right mouse click (short) and 1408 is our next interesting buy area. Our breadth is very weak and signaling a turn to a bear market. We think that call is still early as we continue to play just around the 3% area. We would like to see that 3rd wave up fail to make a new high and put on the bear suit there, but we don’t always get what we want.
US Dollar DX Futures Comments:
The bulls have a flat dollar on their side still, watching 79 on the downside.
TLT Twenty Year Bond ETF Comments:
Watch the 125 area for a hold. On the downside, the bulls need to break 121 to get the party started again.
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