The Pattern Trapper Market Update Blog
The Pattern Trapper Market Update Blog is a companion piece to the FREE! Daily Pattern Signals Report.
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The June S&P 500 E-Mini contract has fired 2 Day ROC Sell, 90-10 Low Continuation, High Breakout Continuation Setup, and Momentum Pinball Buy signals for today's trading. The 2 Day ROC Sell signal implies that today's principal trade direction should be to the downside. The 90-10 Low Continuation signal tells us that yesterday's late day move lower is likely to continue on into today. The High Breakout Continuation Setup signal implies significant upside IF yesterday's high happens to be taken out. The Momentum Pinball Buy signal suggests that we'd want to consider longs if price is strong enough to break the first hour high. Cycle Indicators (chart at right) have moved into a region where short term cyclical lows often form, but both the larger and more immediate trends are to lower prices. Odds favor continued downside in today's early trading. Sell the break of yesterday's 1300.50 low with a stop just above the 1301.25 level of the Daily Pivot. Price weakness below the DP may provide clues for earlier entry. The Momentum Pinball Buy signal tells us to change our bias to the upside on a break of the first hour high. The High Breakout Continuation Setup tells us that we've likely marked a multi-day swing pivot low if yesterday's 1330.75 high happens to be taken out to the upside.
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