The Pattern Trapper Market Update Blog is a companion piece to the FREE! Daily Pattern Signals Report.
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The September S&P E-Mini contract has fired NR7, Inside Day, and Momentum Pinball Buy signals for today’s trading. The NR7 signal is triggered when the range of the day's trading is the narrowest of the last seven days. It tells us that we're likely to have a breakout in store either today, or over the next few days. The Inside Day signal tells us that a break of Friday's range will likely point the way of the next trend move. 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) are moving into a region where short term cyclical tops often form, but both the longer and more immediate trends are to higher prices. The NR7/Inside Day signal combination tells us to stand prepared for a strong impulse move in either direction. Trade the break of Friday's 1991.50 high to 1981.50 low range with a stop and reverse on the opposite side as the entry. Price action relative to today's 1987.00 Daily Pivot level may provide clues for earlier entry. Note that the September Dow Jones Mini contract has fired the same Pattern Signals. This means that it 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.