1522 Inflection Pivot
The NASDAQ100 JUN'09 Contract is reaching and looks set for one more exhaustive push, setting up a short-term opportunity for today. If we do get another surge expectations are that the rise will exhaust either at 1499 or 1522 Inflection Pivot. Look for Reversal strategies off the 1499 resistance and be more aggressive at 1522, especially if we get a press into this area early in the session.
The outlook is for more of a big digestive trade rather than a reversal. Good opportunity to buy a put spread as an emotional trade has the potential to heat up volatility for a short-term opportunity.
A break under 1430 is needed to signal a pause in the aggressive buying, targeting 1384 on any negative turn. Be patient. If the Index is going to build a base for another advance it will do so from here. If not the contract is vulnerable to a sharp drop back down to the 1338-1336 support area. No follow through is expected at this time.
JS
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