SP 500 - Positive Signal Technical Signal

The SP500 closed firm posting a positive technical signal and will keep an aggressive buy posture above 901 targeting 928.50 on any new interest today. A breach of 919.25 confirms this forecast.


894.50 is the Inflection Pivot for Friday June 26, 2009.


Above 894.50 breaks are buying opportunity. Only under yesterday’s low at 891 is the MKT back on the defensive and threatening down to 873 and 868.50.

931.25-928 is the lid for any follow through to today’s positive signal. Be patient. If the corrective trade of late is going to continue the MKT will reject here. A Daily close or sustained breach of 928.75 and the momentum is expected to accelerate to new move highs at 962.50.

The confluence between the Indices continued on Thursday June 24, 2009 with the ND100 taking the lead. Notice the ND100 rejecting from its resistance pivot [UP – Upside Pivot] at 12noon when the SP500 was trying to bust of its Critical Range violation at 910.50.

Price Map Chart Overlay for June 25, 2009

ND100 Index

SP500 Index

Expect the confluence to continue with the SP500 taking the lead today.

Is the MKT really that strong that Monday’s negative signal could not even press into support or is it just house cleaning after the roll. Most likely we will have to wait till next week to find out.

JS

This commentary supports JS Services Strategy Based Trading approach.

For more information please contact me at info@jsservices.com. You can also visit http://www.jsservices.com/.

* The Price Map levels are available as a chart overlay on the following platforms; Ninja trader, Strategy Runner and eSignal. Sign up for a Complimentary Trial.

SP500 - Confluence Indicator

The SP500 had a messy session after breaking out above Wednesday’s 895.25 Inflection Pivot. The MKT is transitioning back into a neutral position with the Weekly resistance area at 931-928 the digestive lid.

Thursday’s, 6/25/2009, action will focus on the 910.50 – 902.00 Critical Range. This is the area of indecision today with the current positive momentum maintaining the controls above 902. A break under this support pivot is needed to bring back the sellers putting the 870.00 target back in play and the contract vulnerable to a negative sentiment shift.

A rise above 910.50 and the positive momentum does its best to impress with the 919.50 and 929 resistance targeted. Look for exhaustive sell signals. No follow through is expected at this time.

Wednesday provided a key indicator of confluence in both the DOW Futures and ND100 for the SP500. Note the 10am highs in all three indices. When the SP500 violated its resistance both the ND100 and DOW did not.

JS Services Price Map Chart Overlay for June 24, 2009

ND100 Index

SP500 Index

DOW Futures Index

The DOW proved to be the best barometer of the late weakness as it rejected from it’s session Inflection Pivot [R Level] and produced a REVERSAL signal under it’s resistance pivot [UP – Upside Pivot] prior to the late sell off in the SP500.

Watch for confluence signals again today. If the markets are going to make a move they will be in sync. If not it is more likely going to be a choppy re-run of Wednesday.

This commentary supports JS Services Strategy Based Trading approach.

For more information please contact me at info@jsservices.com. You can also visit http://www.jsservices.com/.

JS

* The Price Map levels are available as a chart overlay on the following platforms; Strategy Runner, Ninja Trader and eSignal. Sign up for a Free Trial.