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Monday”s new high close was – If, Then… Market Timing

Monday”s new high close was

By Rod David | May 18, 2015 - 4:49 pm

Monday”s new high close was more impressive than the morning”s follow-through of last week”s bullish WedEX signal. Not that the follow-through wasn”t impressive, but its influence ended by noon Monday. The balance of the session had freedom to trend back down.

And it didn”t trend back down. The balance of the session didn”t even range sideways. The rally gained traction by exiting the bias environment at 2:30 above the noon hour”s high, and then trending higher through the 3:10-3:20 proxy window. It wasn”t much trending, so its extension wasn”t much — no more than it had to be, 2128.75.

But the new high wasn”t rejected. It was retraced, sliding 4 points into the cash session close. But the last relative low at 2125.50 was still being overlapped, not broken. So long as Tuesday”s open isn”t breaking under Monday”s 2122.50 noon hour low, the rally should control the morning by trending up to fresh highs… with room up to 2133.

Here”s more detail in the post-market Wrap recording:
https://roddavid10.mitel-nhwc.com/join/bwzpyvc

PROGRAMMING NOTE:
chaRTroom will be offline for a short while as we try installing and initiating an alternative conferencing software to test. I”ll post/email chaRTroom links later. As always, we”ll implement the Anymeeting back-up in case of any difficulty.

Posted in S&P