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Post-open Review… Better bottom. – If, Then… Market Timing

Post-open Review… Better bottom.

By Rod David | June 16, 2016 - 11:00 am

Can the target form a bottom? Can it even hold.

es_061616_amThe decline’s premise since topping at 2110.00 has been its likelihood for unfolding rapidly, and its potential to 2043.00. It unfolded rapidly, and 2043.00 has been met.

Its first test bounced to 2047.00 before reversing to fresh lows at 2040.75. The next bounce is now probing back above 2045.00. And triggering a buy signal.

The first reaction up from 2043.00 had targeted 2046.75. Its next reaction up would target 2049.00, so long as 2042.00 now holds as support.

Attacking fresh lows to within 1 point would be likely to break lower, and probably extend down substantially. Meanwhile, holding 2043.00 would allow a bottom to begin trying to form.

Posted in Post-open Review, S&P