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A lot of selling pressure – If, Then… Market Timing

A lot of selling pressure

By Rod David | August 11, 2015 - 4:27 pm

A lot of selling pressure had been expended already before Tuesday”s probe under 2077 and under 2073. Extending down any deeper Tuesday afternoon would have retraced Friday”s late break higher, and potentially launched another rally.

But waiting to extend the decline Wednesday morning now would find sellers less extended. Actually, Tuesday”s final hour bounced to within 1 tick of its 2082.25 target, essentially neutralizing the attraction above.

But Tuesday”s close did recover 2077. That could serve as an anchor to help recover from breaking under 2073 to test 2067 and potentially also 2060. Otherwise, gapping up Wednesday above 2088 if not also 2091 would put new highs back into play.

Details and other markets coverage were discussed during the Market Wrap, recorded here:
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Posted in S&P