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Overnight action in index futures – If, Then… Market Timing

Overnight action in index futures

By Rod David | August 6, 2014 - 8:54 am

Overnight action in index futures isn”t being any kinder to the market than before yesterday”s open. That could be good news, for two reasons. First, yesterday”s open didn”t extend, and price had only ranged around the opening print before the Russian-Ukraine headline triggered a plunge. Second the plunge is a reaction to a different headline, poor economic news in Europe — that discounts one more negative factor, and doesn”t suggest the Russia-Ukraine headline is gaining traction.

It”s the same drill as yesterday, watching for the first hour to extend the decline if the decline intends to extend today. Yesterday was only forced to extend. Meanwhile, recall from this week”s The Universe that the percentages of uptrending and downtrending MJ stocks each had never been greater since tracking them. They remain vulnerable to any factors that inhibit risk-taking. By the same token, they”re vulnerable to rallying if the broader market were to begin retracing its recent decline.

I”ll add post-open observations to this thread in the Activity Feed, and encourage you to do the same. Then join me at 10:45 ET for today”s Livedesk, which I”ll remind before it starts.

Enjoy!

Posted in Bigger Picture