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Post-open Review… Holding up, but holding out. – If, Then… Market Timing

Post-open Review… Holding up, but holding out.

By Rod David | March 30, 2016 - 10:41 am

Probing fresh highs, if not actually extending.

Opening weakness touched the 2056.00 bias-up target as support and reacted back up to fresh highs at 2063.25. A reaction down to 2059.00 remained under pressure through 10:15, holding the 2061.25 renewed bias-up target.

This is still a bias-up environment. A renewed bias-up environment whose target was exceeded through 10:15.

Exceeding the 2061.25 renewed bias-up target through 10:15 would have put into play 2067.00-2068.00, but that was avoided. Also avoided was a break back under the 2056.00 bias-up target. And neither was exceeded by 10:30, which doesn’t suggest any sponsorship is available for trending.

A buy signal would trigger above 2062.50 (being tested now) targeting 2067.00-2068.00, and under 2059.75 would target 2054.25. Trending to either this morning would be vulnerable to reversing sharply. Not trending this morning would be likely to trend this afternoon.

Posted in Post-open Review, S&P