S&P E-Mini Trading for Friday, January 2
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The March S&P E-Mini contract has fired 90-10 Low Continuation and Momentum Pinball Buy signals for today's trading. The 90-10 Low Continuation signal is fired when the day's trading closes within the bottom 10% of the day's range. It tells us that Wednesday's late day move lower is likely to continue on into today. The Momentum Pinball Buy signal suggests that IF the first hour's high happens to be broken, the market is telling us something completely different than originally assessed, and we'd want to consider a long position. Cycle Indicators (chart at right) appear as if a short term cyclical top has recently been marked. Odds favor further downside in early morning trade. Sell the break of Wednesday's 2050.75 low with a stop just above the 2062.00 level of the Daily Pivot. Price weakness below the DP may provide clues for earlier entry. The Momentum Pinball Buy signal, however, tells us to change our bias to the upside on a break of the first hour high. Note that all US index futures contracts have fired similar Pattern Signals. This means that they can be traded in very similar fashion. To learn how to trade these setups every day Click Here!
Disclaimer: trading involves significant risk and is not suitable for everyone.