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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 | December 23, 2015 - 10:33 am

Gap up maintained, but not necessarily extending.

The opening print was shared by the 2043.00 bias-up target. The opening 15 minutes of volatility ranged faithfully around 2043.00. Congestion there makes trending away difficult, at least the first time. Probing up to 2047.25 has been retraced back down to 2043.00.

Halfway to two-thirds through the opening 15 minutes of volatility didn’t retrace or reject the gap up. Dipping any later would likely recover, probably from 2038.00. No relevant level’s test during the opening 15 minutes of volatility wasn’t maintained, so trending up remains possible.

There’s no requirement to extend higher. But the path of least resistance remains up. Extending higher would next target 2048.00, with potential to 2053.00 and 2058.00-2060.00.

Posted in Post-open Review, S&P