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Post-open Review… Optimism exceeded. – If, Then… Market Timing

Post-open Review… Optimism exceeded.

By Rod David | December 16, 2015 - 10:48 am

Opening spike up begins trending back down.

es_121615_amThe open was greeted at the 2048.00 bias-up target. A spike up almost immediately tested 2052.00. The gap up above yesterday’s ~2046.00 high was maintained through the opening 15 minutes of volatility. So, reacting down should prove only temporary.

In fact, reacting down has been relentless and substantial.

2046.00 and 2048.00 gave way as support. Yesterday’s range was probed, as low as 2039.00. This being a bias-up environment, its lower-end should be defined by the 2041.00 bias-up signal. Which is being probed as support.

Bouncing should test 2046.00. Perhaps even the 2048.25 opening print. Its retest from below is all but required, now that yesterday’s range has been probed from above.

Retesting the opening print and already trending down into FOMC can neutralize its attraction above. Not yet neutralizing that attraction above would greet the FOMC news from a position of strength.

Posted in Post-open Review, S&P