S&P
Globex just opened. Friday”s last-minute
Globex just opened. Friday”s last-minute action had surge 4 points to 2101.25. The open blipped-down only slightly. Oh, well, the night is young… You can monitor overnight action in the chaRTroom at either of the following links:
XP-Friendly: http://anymeeting.com/670-173-885
non-xp friendly: https://roddavid10.mitel-nhwc.com/join/shkphyy
Saturday Review’s recording (for 8/1/15) … The longest 3-letter word.
Is a top still forming? Is it finished forming? Is it not a top? This week”s Saturday Review examined more of the mass psychological evolution of the broad pattern we”ve been tracking for some time. Of course, we also discussed specific setups, including likely action Sunday night and Monday. We also reviewed charts for several high-profile and active stocks — such as AAPL, PCLN, SCTY TSLA — all with informative technical analysis and charting techniques.
If you were a Saturday
If you were a Saturday Review, where would you be? That depends on what you”re looking for:
XP-Friendly: http://anymeeting.com/614-273-815
non-xp friendly: https://roddavid10.mitel-nhwc.com/join/shkphyy
When would you be there? At 9:30am ET.
Bigger picture discussion, your stock chart analysis requests… See you there!
Closing back above 2098 and
Closing back above 2098 and attacking 2101.50 suggests that Friday afternoon”s sellers didn”t accomplish anything. Only exiting the bias environment under the noon hour suggests they didn”t gain traction for their efforts. But no prior high or other relevant resistance was recovered to confirm.
So, assuming that sellers haven”t retaken control, Friday”s repeated tests of 2105.50 may have chipped away at the last of its resistance. Tested pre-open, post-open, and then through much of Friday”s mid-section, attacking it again should be able to slide easily above it — presumably overnight, for another gap up that actually does extend intraday.
We”ll discuss that setup and others during this weekend”s Saturday Review, along with reviewing your stock chart analysis requests. I”ll send you the link in the morning. Meanwhile, here”s Friday”s post-market Wrap recording:
https://roddavid10.mitel-nhwc.com/join/jrcbptr
Pre-close view… Mighty mo.
Sellers trying to gain traction after meeting target.
Having held or overlapped the morning”s 2105.50 bias-up signal through the bias environment”s exit, its 2098.00 objective became unfinished business below. Ranging around 2105.50 began collapsing through the noon hour before extending down to fresh session lows at 2096.50.
Ranging sideways attacked 2101.00 above, now returning back down to 2098.00 support. There”s no requirement to hold, or to bounce. But it”s not very bullish to still be consolidating at session lows for this long, entering the final hour.
The bias environment exit was under the noon hour”s low, but the final hour”s entry was within the noon hour”s range. Trending down to fresh lows by 3:20 would confirm sellers are gaining traction, but not otherwise. And having the luxury of consolidating just ticks above the low, it wouldn”t be very bearish not trend down as needed. Bouncing has touch resistance to overcome at 2101.50.
In whichever direction the pattern resolves, the position-squaring window at 3:37-3:52 could trend sharply.