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Mid-day Update… Regrouping. – If, Then… Market Timing

Mid-day Update… Regrouping.

By Rod David | December 4, 2017 - 2:06 pm

Consolidating the post-open slide.

Gapping up to 2660.25 extended 5 points to probe the overnight range up to 2665.25. And then it reacted down. First to test 2658.00, and then to test 2651.00.

2651.00 had potential to hold the decline. And it has held. But while the decline hasn’t extended, price action has only ranged back up to attack 2658.00. The decline had potential to 2649.00, which can’t be dismissed until the consolidation breaks higher.

A fresh session low down to 2649.00 or lower today could still recover to retest today’s highs. But today’s highs don’t require a retest. And waiting too long to probe fresh session lows would risk inhibiting counter-trend sponsorship from absorbing it, clearing the way for a deeper decline.

Posted in members-only, Mid-day Update, S&P