The Sep'09 SP500 contract posted a negative BULL TREND CORRECTIVE signal which will keep the MKT on its toes with all trading below the 1001 Inflection Pivot. If the index is going to roll over it will not spend much time if any above here. A held failure from 990 is a sign of weakness that gives the Bears something to sink their teeth into targeting 979 and the 968-962.50 support band on any negative follow through. Expect reactions off support and accept all positive REVERSAL signals. A break under 962.50 and things have the potential to get emotional with 921 and 889.50 the current extremes.
A rise above 1001 has the potential to spark fresh interest up to 1024.50 in the session. Be patient and expect a rejection back into a digestive trade. Only above 1024.50-1027.75 is the aggressive buy campaign back in gear targeting 1067 on any sustained advance.
JS
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