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Post-open review – If, Then… Market Timing

Post-open review

By Rod David | February 12, 2015 - 10:44 am

About last night…

The pre-open recovery to attack yesterday”s 2079.50 post-close high was retraced up to 2077.75. Its pre-open dip touched 2070.75, which had been identified already as the preliminary limit to at least make a bias-up likely.

Firming into the open then spent the first 15 minutes of volatility overlapping the 2074.00 bias-up target. That finally resolved up until piercing the overnight high up to 2080.00.

This is a renewed bias-up environment. Its minimum renewed target has been met. It just reacted down to attack 2074.00 and to pierce the opening range”s congestion. 

Did I mention it”s still a bias-up environment? The dip back into the open”s range probably isn”t reversing the rally, but correcting it. Back under 2075.25 would signal at least a deeper correction targeting 2072.25. Otherwise, extending back above 2077.00 (being tested now) would be likely to resume the rally, especially if maintained at a steep pace.

Posted in Post-open Review, S&P