Technically the MKT is in a BULL TREND posture and has just produced a major technical signal in the direction of the trend. If the integrity of the 15057 Inflection Pivot remains intact, look for excuses to get long. This is the low point for any pull-back today and the base for the underlying positive momentum.
On the SELL side BREAKOUT strategies below the 15144 and 15057 support levels are a low probability but valid. Risk little and go for a lot. If the MKT is going to turn sour, it should be quick and relentless. Avoid FADE strategies against the 15318 resistance as the MKT has just produced a major buy signal and fresh gains are expected. REVERSAL strategies as well are not recommended, as any resistance level violation that cannot be held is more likely a squeeze for the longs, which can quickly turn positive.
On the BUY side BREAKOUT, FADE and REVERSAL are recommended as the MKT is aggressively bid and all buy signals are valid opportunity. If stopped out at or near the low tic of a reaction and the MKT is not following through to the downside, leverage up using the squeeze low as a stop, expecting a quick reaction back above your original entry. De-leverage unless you have confluence with other indicators or like MKTs. Best opportunities to get long will be off the 15144 and 15057 support.
Note: The MKT has produced a big positive technical signal and should immediately go higher, after at most, one pullback. A laborious trade and the MKT may wait till the end of the session to make its move.
JS
* ENTRY STRATEGY - 5min web video explaining FADE, BREAKOUT and REVERSAL strategies http://www.jsservices.com/education/sbt/CME_EntryStrategies5min.wmv .
To learn more about JS Services Strategy Based Trading approach please contact me at info@jsservices.com. You can also visit http://www.jsservices.com/ and sign up for a Complimentary FREE Trial.
