NEUTRAL TRANSITION - SP500 Index

The Dec'09 SP500 contract bounced back on its feet and is flirting with a positive turn in momentum. The MKT is in a NEUTRAL TRANSITION technical posture with a bias to the plus side with all trading above the 1083.50 Inflection Pivot. If the contract is going to rotate higher it will not spend much if any time below here. If so the Index shifts back into a weak neutral posture targeting the Holiday low area at 1068-1067.

A breach of 1098.25 is a sign of strength that gives the TRANSITIONAL outlook credibility putting the recent highs at 1112.25 in jeopardy targeting 1124 and 1130.25 on any new advance.

JS

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