Technically the MKT is in a NEUTRAL CORRECTIVE state producing a positive signal against a negative trend. Opportunity exists on both sides of the MKT however the threat of the return of the negative momentum must be respected as a good probability.
Key off the 8573 Inflection Pivot for an indication of the session tone. Above here the corrective signal is in play with a breach of 8624 needed to confirm a higher trade. Trading below 8573 puts the MKT into a digestive posture and a failure from 8522 signals a return to the offer.
Note: The MKT is in a corrective position with the potential to produce a sharp short covering rally, a messy sideways digest or a resumption of the negative trend. Keep your opinions to themselves and focus on what the MKT is telling you it wants to do. Don't fight it, roll with it. If you have > 3 losses consider reversing strategy.
JS
* ENTRY STRATEGY - 5min web video explaining FADE, BREAKOUT and REVERSAL strategies http://www.jsservices.com/education/sbt/CME_EntryStrategies5min.wmv .
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