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Lower highs, lower lows… that’s a trend. – If, Then… Market Timing

Lower highs, lower lows… that’s a trend.

By Rod David | January 28, 2015 - 3:34 pm

More selling. Enough, yet? No? Fine.

The knee-jerk reaction to FOMC was a head fake up to 2031.00 that reversed down sharply to 2017.00, and has extended much lower to 2003.50.

3.-minute RSI has been approaching oversold territory, while 1-minute RSI almost diverged positively. It didn”t, but the low won”t require a retest without 3-minute RSI becoming simultaneously oversold.

None of which is bullish without price actually reversing up. By enough. Back above 2011.00 would be credible for triggering follow-through. No hold-long will qualify in this pattern, but some improvement would be possible.

Posted in S&P