BULL TREND DIGESTION - SP500 Index

The Dec'09 SP500 contract held its ground but could not extend off Tuesday's Acceleration signal dropping back into a BULL TREND DIGESTION technical state. Delayed reaction? Could be. Key off the 1112.25 Inflection Pivot of an indication of the session tone. If the MKT is good it will sustain a trade above here and not look back. The 1120.25 resistance pivot is the spoiler for any extended run today. Once cleared of this hurdle any new buying will have the potential to climb up to 1140.25 in the session. 1161 is the extended target.
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- Trading below 1112.25 keeps the contract in a messy digestive trade down to 1104.25 and 1100. If the Index is going to maintain its composure it will stabilize above here. If not thing s can get a little slippery with 1084.50 and 1064 the low points for any new consolidation. 1039 is the extreme for any reversal of fortune in front of Friday's figure.


Be patient. If things don't get interesting quick the session could be another head banger.


JS


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 FREE Trial.