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The March S&P 500 E-Mini contract has fired 2 Day ROC Sell, Wide Range Downside Reversal, 90-10 Low Continuation & Reversal, and Momentum Pinball Buy signals for today's trading. The 2 Day ROC Sell signal implies that today's principal trade direction should be to the downside. 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 & Reversal signal tells us to look for morning follow through on the weak close, but to expect a likely reversal once the initial move has bottomed. 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) appear as if a short term cyclical top has just been marked, but both the larger and more immediate trends are to higher prices. Odds favor continued downside in today's early trading. Sell the break of yesterday's 1506.50 low, or even earlier if price demonstrates weakness below the 1514.50 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 support levels. Our Normal Low Range Projection level of 1495.25 or the Extended Low Range Projection level of 1486.25 would be likely areas for such a reversal to take place.

 

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