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Post-open Review… Don’t even think about it. – If, Then… Market Timing

Post-open Review… Don’t even think about it.

Opening blip-up snaps back down into plunge.

es_012016_amPre-open firming had been testing 1846.00 as resistance. Recovering it through the opening 15 minutes of volatility would have made bouncing into yesterday’s range likely.

Quickly reversing back under 1846.00 effectively shut that door.

Testing 1840.00 as support produced another blip-up, which peaked within 4 minutes instead of within 3 minutes. But its reversal down has extended to sharply lower lows attacking 1817.00. Every bounce limit has held its 3-minute test.

The next lower objective is now just 2 points lower, a retest of October 2014’s “V” bottom low at 1815.00. Its test isn’t necessary to produce a bounce — 1-minute RSI is diverging positively, and there’s a Running Correction that can be tested up to 1835.00-1836.00.

Bounce, or not, nothing requires 1815.00 to hold. And there is a not much support nearby below it.