The Sep'09 NASDAQ 100 broke positive structure and will remain vulnerable to further losses with all trading below the 1592.50 Inflection Pivot. This is the high point for any buying today if the Corrective Signal is going to play out. The 1545.25-1544 support has the potential to spoil any negative turn and a reaction should be expected.
A failure from 1544 and the pressure will start to feed on itself down to the 1512.75-1504.75 support band. Tighten up your risk. If the underlying positive momentum is going to resume the MKT will build a base here. If not the sell off can extend down to 1391.75 before it stabilizes.
A rise above 1592.50 takes the MKT off edge and puts it back in a firm neutral posture with 1641 the new digestive lid.
JS
This post 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 Inflection Pivot levels are available as a chart overlay on the following platforms; Ninja trader, Strategy Runner and eSignal. Sign up for a Complimentary Trial.
