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The September S&P E-Mini S&P contract has fired Wide Range Downside Reversal, 90-10 Low Continuation, and Momentum Pinball Buy signals for today's trading. The Wide Range Downside Reversal signal tells us that yesterday's trading likely marked a significant short term turning point with more downside to follow. The 90-10 Low Continuation signal suggests that yesterday's late day move lower is likely to continue on into today. The Momentum Pinball Buy signal tells us 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 tops often form, and the larger trend is to lower prices. Odds favor further downside in early morning trade. Sell the break of yesterday's 1299.75 low with a stop just above the 1314.00 level of the Daily Pivot. Price weakness below the DP may provide clues for earlier entry. NOTE: September Dow Jones, Nasdaq 100, and Russell 2000 e-mini contracts have all fired either the same or very similar signals as the ES. This means that they can all be traded in very similar fashion.
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