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Post-open Review… Fail, fail, again. – If, Then… Market Timing

Post-open Review… Fail, fail, again.

By Rod David | August 28, 2017 - 10:48 am

Gap up fails to extend, falls.

Gapping up to and/or through 2445.00, then extending through 2446.50, would have been reliable for extending higher this morning. The 2447.25 bias-up signal’s 2453.50 target could be tested while holding a retest of Friday morning’s high.

But the overnight recovery from 2436.25 got too optimistic. Gapping up to 2448.25 and blipping-up 1 point was reversed back down immediately. The opening 15 minutes of volatility lapsed at or under 2446.50, instead of extending its recovery.

There was still potential for holding 2445.00, but gave way to Friday’s 2443.00 cash session close. Now that has extended down to 2440.50, after triggering no-bias.

An offsetting test of the 2439.75 bias-down signal is in-play. And it’s going to be difficult for the pullback to above extending down to 2427.25-2429.00. Back above 2445.00 could start to signal momentum reversing back up.

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