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Market Wrap (recording & summary) – If, Then… Market Timing

Market Wrap (recording & summary)

By Rod David | February 10, 2017 - 4:32 pm

There is no Saturday Review this weekend. So, the market Wrap included a bigger picture review. Please don’t hesitate sending me any questions or chart analysis requests, which I’ll respond to over the weekend…

Thursday’s breakout was confirmed by Friday’s second consecutive higher close. At least a third higher close is likely eventually. At least one more higher close is required also due to a new trend high close on a Friday. The two setups are unrelated — not all breakout confirmations are on Fridays, or at new trend extremes. So their shared requirement is exponentially more reliable.

None of which prevents immediately launching a pullback. A corrective retracement, temporary before recovering back up to and through Friday’s 2315.75 high. But not necessarily avoiding a dip to 2304.50, 2297.00, or deeper.

Overbought RSIs at Friday’s 2315.75 high require a retest. The afternoon’s 2316.75 bias-up target remains outstanding. Testing either Sunday night would be vulnerable to reversing down. Exceeding both through Monday’s open would likely extend to test 2327.00-2330.00.

Details and other markets coverage are discussed in the post-market Wrap recording here.

Again, this weekend’s Saturday Review is cancelled. The chaRTroom will re-open Sunday night with Globex… Enjoy the weekend!

Posted in Market Wrap, members-only, S&P