The Dec'09 SP500 contract closed firm and is pressing good directional resistance at 1067.25. If the rally is going to extend the MKT will need to maintain positive structure holding above the 1053 Inflection Pivot. If so a run for the 1078 resistance target should be expected. Expect a reaction. Only a close above here confirms this an extension of the current rise targeting 1103.25.
- A break under 1053 puts the contract back in the spin cycle down to 1042.75. Be patient. If the MIKT is going to maintain its composure it will stabilize above here. A held failure is a sign of weakness that shifts sentiment negative targeting 1022.75. 991.25-988 is the low point for any event.
JS
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