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Back up the up staircase. – If, Then… Market Timing

Back up the up staircase.

By Rod David | February 10, 2015 - 12:14 pm

Backing-and-filling done. Again.

Exiting tThe bias environment above 2047.00 and 2049.75 already signaled the open”s drop had ended, and momentum is reversing up. The noon hour”s entry was testing 2053.00, and now a surge is probing fresh session highs up to 2056.50.

Like yesterday,  backing-and-filling through the morning has opened the door to trending higher through the noon hour. And like yesterday, it is not only optimal, but appropriate. So, like yesterday, not exiting the noon hour at fresh session highs would keep the door open to another afternoon downdraft.

Unlike yesterday, today gapped up. This morning”s buyers have been playing defense. Yesterday”s buyers never reversed the open”s gap down. Now there is more at stake — so, more sponsorship for the rally, and a greater bearish consequence if this attempt fails.

Posted in S&P