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Post-open Review… Decision point. – If, Then… Market Timing

Post-open Review… Decision point.

By Rod David | May 19, 2016 - 10:57 am

Near-term target immediately met.

es_051916_amFresh lows were likely to test 2025.00-2027.00, and all interim bounces were likely to fail. Opening at 2033.00-2035.00 reacted up to test 2039.50 resistance, then reversed down. Hard.

The first half hour ended by touching 2025.00. RSIs diverged positively while eking out a couple of lower lows down to 2023.75. Its reaction up tested 2031.00 before dipping back down toward 2025.00. Bouncing again would target 2033.00 and potentially 2035.00.

There’s no requirement to extend down any deeper. But extending down is likely without the the noon hour’s entry at least trying to retest the open’s highs. The next substantial objective of extending down would be in the 2018.00 area.

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