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The March S&P E-Mini contract has fired 2 Day ROC Buy, 90-10 High Continuation & Reversal, and Momentum Pinball Sell signals for today's trading. The 2 Day ROC Buy signal implies that today's principal trade direction should be to the upside. The 90-10 High Continuation & Reversal signal is telling us to look for morning follow through on the strong close, but to expect a likely reversal once the initial move has topped. The Momentum Pinball Sell signal suggests that IF the first hour's low happens to be broken, the market is telling us something completely different than originally assessed, and we'd want to consider a short position. Cycle Indicators (chart at right) appear as if a short term cyclical low has recently been marked, but the more immediate trend has been largely sideways. Odds favor continued upside in today's early trading. Buy the break of Friday's 2014.25 high, or even earlier if price can demonstrate strength above 1999.25 level of the Daily Pivot. But stand prepared to exit or even reverse if we get appropriate price reversal patterns and/or Oscillator Divergence near important resistance levels. Our Normal High Range Projection level of 2035.00 or the Extended High Range Projection level of 2051.75 would be likely areas for such a reversal to take place, as would be a test and failure of Friday's high. To learn how to trade these setups every day Click Here!
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