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Mid-day Update… Still in the woods. – If, Then… Market Timing

Mid-day Update… Still in the woods.

By Rod David | February 11, 2016 - 12:38 pm | 2

Post-open bounce didn’t gain any traction.

Surging to within 1 point of the 1834.50 bounce potential didn’t prevent exiting the bias environment 11 points under the 1818.50 open. That was a test of the critical 1807.50 level whose break through the open would have resumed the decline.

It still might.

Bouncing to retest 1818.50 held. Exceeding it would have targeting 1825.25, whose recovery could target new session highs at 1850.00 and higher.

Meanwhile, a reaction down is testing 1811.50. It might hold, too. But exceeding it would target the 1797.25 area. And any lower (which would then be likely) would resume the decline.

PROGRAMMING NOTE: I’m changing locations which should have a positive impact on bandwidth, which has suffered this morning in the chaRTroom.

Posted in Mid-day Update, S&P

2 Comments

  1. Josey on February 11, 2016 - 12:42 pm at 12:42 pm

    Hi Rod, DD closing under 56.00 resume the decline? TY



    • Rod David on February 12, 2016 - 9:54 am at 9:54 am

      DD — Coming off of the 1/20-1/28 Double Bottom, and testing its 100% swing at ~59.40 has created a Double Top. The reaction down has room to 54.50 before signaling another downleg underway.