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Post-open Review… Onward, upward, etc. – If, Then… Market Timing

Post-open Review… Onward, upward, etc.

By Rod David | November 7, 2016 - 11:01 am

Gap up maintained, extended.

The open’s immediate bobble held a quick test of the 2108.75 pullback limit before extending back up to and through the 2111.00-2112.00 overnight highs. Sellers are likely marginalized for at least the morning.

A running correction / rising wedge formed up to 2114.00. The pattern was entered and exited aggressively, then forming a potential plateau. Dipping back down into the wedge to 2112.00 could refuel the rally, but any lower could reverse the uptrend.

Avoiding any pullback from the plateau, and instead extending higher, could marginalize sellers for another 1-2 uplegs. That would easily get to and through 2120.00-2121.00, if not also to 2134.00 and 2138.00.

The plateau is actually resolving up now. The next opportunity for correcting down temporarily is likely from 2120.00-2121.00.

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