The positive signal on May 18, could not follow through running into a wall at our resistance Inflection Pivot at the end of the session.
The technical posture has shifted into firm digestion from positive acceleration.
1379 is the inflection pivot to key off today. A held trade under this support will need confirmation below 1373 to negate Monday's positive signal. If so a shift in sentiment should be expected with the potential to drop the Index down to 1347.50 and 1336.50 in the session.
If yesterday's rejection was real the contract will not do much if any trading above 1399.75. If so a re-test of yesterday's high at 1410.50 is the outlook. Expect a reaction but roll with a violation. Above this resistance inflection pivot a price acceleration should be anticipated.
JS
The technical posture has shifted into firm digestion from positive acceleration.
1379 is the inflection pivot to key off today. A held trade under this support will need confirmation below 1373 to negate Monday's positive signal. If so a shift in sentiment should be expected with the potential to drop the Index down to 1347.50 and 1336.50 in the session.
If yesterday's rejection was real the contract will not do much if any trading above 1399.75. If so a re-test of yesterday's high at 1410.50 is the outlook. Expect a reaction but roll with a violation. Above this resistance inflection pivot a price acceleration should be anticipated.
JS
