Posts by Rod David
It’ll have to be worth a thousand words…
Huge power outage in our
Huge power outage in our area due to a storm which apparently has also knocked out both of my internet connections. Currently making arrangements to broadcast again. Thanks for your patience!
The 3-point 2102-2105 range is
The 3-point 2102-2105 range is persisting into the open. It”s difficult to determine the breakout”s direction from so narrow of a range. Meanwhile, probing fresh highs quickly won”t be reliable for extending higher, let alone protected from reversing back down — especially ahead of Yellen”s testimony. We discussed levels and their challenges, along with other markets coverage, during the pre-market Tour:
https://roddavid10.mitel-nhwc.com/join/rkbvksk
The First Trade… Heavy load.
Proper context can start the day with a solid win and make all the difference.
CHARTROOM LINK(s)
o Win XP-Friendly entry
o non-xp friendly (ilinc)
(pre-open Market Tour begins at 8:55 ET)
Through the prior close…
Monday”s narrow overnight range centered around 2093.00 quickly launched an opening rally. It trended higher intraday to eventually touch its 2105.50 maximum objective. Buyers gained traction for their effort, while confirming Monday”s breakout. .
Overnight action”s new info…
The first order of business was to fulfill the 2099.25 objective of the last-minute reaction down that had begun from Tuesday”s. Its touch reacted up and began surging to a fresh high at 2107.50. That was short-lived, as the balance of the night settled down into a narrow 3-point range back to 2102.00.
If, then…
The rally need not resume immediately, regardless of Tuesday afternoon”s buyers having gained traction, while confirming Monday”s breakout. Actually, those are the reasons why the rally is vulnerable to reversing down — because having entrenched its uptrend, a corrective dip can be more easily absorbed. Nevertheless, exiting the open above yesterday”s high would be credible for extending higher through at least the morning. Either way, Yellen”s televised congressional Q&A is a likely catalyst.
First Trade…
Exiting the open at 9:45 above 2105.50 would be likely at least to test the 2108.50 bias-up signal. Exiting the open under 2105.50 would be unlikely to trigger bias-up. Exiting the open under 1097.50 would be likely to trigger the 2099.25 bias-down signal.
Tuesday morning”s 2101.75 bias-up target
Tuesday morning”s 2101.75 bias-up target was met into the noon hour. The afternoon”s bias-up signal didn”t trigger, but that didn”t prevent ultimately touching the 2105.50 objective discussed during the pre-market Tour. Other than the objectives of an eventual third higher close and to retest the highs, there is no specific higher calculable attraction.
Correcting down would create another swing and more complexity, from which specific higher targets could be calculated. The rally gained traction Tuesday afternoon, which allows it to rest on its laurels by retracing… within limitations.
More details and other market coverage were discussed during the post-market Wrap recording:
https://roddavid10.mitel-nhwc.com/join/zvvtzfc
Overnight chaRTroom links:
XP-Friendly: https://www.anymeeting.com/978-117-134
xp UN-friendly: https://roddavid10.mitel-nhwc.com/join/shkphyy