S&P E-Mini Trading for Thursday, January 29
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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 closes within the bottom 10% of the day's range. It tells us that yesterday'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, and the more immediate trend is to lower prices. Odds favor continued downside in today's early trading. Sell the break of yesterday's 1991.25 low with a stop just above the 2009.75 level of the Daily Pivot. Price weakness below the DP may provide clues for earlier entry. The Momentum Pinball Buy signal, on the other hand, suggests we consider the long side if the first hour's high happens to be broken to the upside. To learn how to trade these setups every day Click Here!
Disclaimer: trading involves significant risk and is not suitable for everyone.