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Friday”s 2091.75 close was barely – If, Then… Market Timing

Friday”s 2091.75 close was barely

By Rod David | June 5, 2015 - 5:43 pm

Friday”s 2091.75 close was barely overlapping Thursday”s lows. Thursday”s close was barely overlapping last Tuesday”s 2096 prior low. Declines that develop this way can be productive, but they”re often not durable. We”ll soon find out which one this is.

A retest of oversold RSIs at Friday”s 2083.50 low is in-play. So is 2081.25, with room down to 2078.75. Testing them Sunday night or Monday morning would be extreme sentiment. And greeting the new week with extreme sentiment is often a sentiment extreme. Neutralizing these lower objectives without reacting up would be very bearish.

Meanwhile, unfinished business is outstanding above at 2104.25. Extending through it first would be capable of extending higher, although not as reliably while unfinished business remains outstanding below.

Here”s Friday”s post-market Wrap recording:
https://roddavid10.mitel-nhwc.com/join/bwzycty

(Reminder: There”s no Saturday Review this weekend. Enjoy!)

Posted in S&P