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The First Trade… Signs of life. – If, Then… Market Timing

The First Trade… Signs of life.

By Rod David | July 7, 2016 - 7:13 am

Proper context can start the day with a solid win and make all the difference.

CHARTROOM LINK
(pre-open Market Tour begins at 8:55 ET)

Through the prior close…
Wednesday’s post-open attempt to extend the overnight lows was inappropriately-timed. Its weak-handed sponsorship tested 2066.00, before reversing back up through the balance of the session. Eventually testing 2094.00 neutralized the attraction to last Friday’s 2093.00 higher prior lows, late enough to avoid reacting down.

Overnight action’s new info…
Flat-to-higher ranging absorbed Europe’s weak opens and temporarily probed fresh highs up to 2098.00. Yesterday’s late highs are being tested now as support down to 2091.00.

If, then…
Wednesday’s recovery didn’t gain traction, despite trending up into the close. So, extending the rally this morning without delay would require gapping up, probably above 2097.00. And having tested 2097.00 already overnight, its 2098.00 should be exceeded quickly, too. Not gapping up, or not maintaining a gap up, would be vulnerable to another pullback — perhaps briefer and shallower than yesterday — down to 2082.00..

First Trade…
[Click here to view the Bias parameters] Exiting the open at 9:45 above 2099.50 would be likely to trigger the 2097.00 bias-up signal at 10:15. Exiting the open under 2092.00 would be unlikely to trigger bias-up.

Posted in members-only, S&P, The First Trade