Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the disable-gutenberg domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home4/jwl23/public_html/rd.johnlander.me/wp-includes/functions.php on line 6131
Post-open Review… Another rally rejected? – If, Then… Market Timing

Post-open Review… Another rally rejected?

By Rod David | March 22, 2019 - 10:55 am

Attempting a fourth reversal this week.

Monday, Tuesday and Wednesday each contained intraday rallies that were retraced entirely that day. The pattern is distribution. All of that recent selling helped yesterday’s rally, which had far less challenging ballast.

But the Monday, Tuesday and Wednesday pattern never suggested it was done. And now yesterday’s significant intraday rally has been retraced by more than 61.8%.

Failing to recover at the open was likelier to trend down, next targeting 2830.75. The open’s low touched it and reacted up sharply to 2843.50. Now the bounce has failed, probing fresh lows again by to at least 2828.25.

The next lower objective is 2823.75. And then a retest of yesterday’s lows. Another bounce can’t be dismissed, but it otherwise appears that the downside remains intact.

 

Posted in members-only, Post-open Review, S&P