Technically the MKT is in a NEUTRAL CORRECTIVE state producing a big negative signal against a positive trend. Opportunity exists on both sides of the MKT however the underlying positive tone will maintain the controls above the 9350 Inflection Pivot.
On the SELL side avoid FADE strategies against 9493 until after the previous session low point or major support level has been broken to confirm a negative shift in momentum. REVERSAL strategies should be avoided as any positive signal is more likely an indication that the underlying trend is going to resume. SELL BREAKOUT strategies below 9350 can be profitable but they are aggressive and should look to take profits and potentially REVERSE long at support targets. The trade is counter trend so avoid any negative commitments.
On the BUY side accept BREAKOUT, FADE and REVERSAL strategies off major inflection points with the expectation that the positive momentum is going to resume. REVERSAL strategies are recommended over a FADE strategies at the 9350 level, which should have at least 1 if not 2 challenges to the support integrity before executing a long off it. BREAKOUT strategies above 9493 can risk a little more if current events and other MKTs of confluence confirm a positive posture. If not a better approach would be to FADE a negative "squeeze" reaction down to 9422 after a positive breakout signal above 9493 as the neutral technical position can keep the trend sideways.
Note: The MKT has produced a big technical signal against the current trend. Be aware that the negative action may be a 1-day event with the positive trend quickly re-establishing itself. If the MKT is really going to turn it should remain hard pressed and provide little or no relief.
JS
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