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Post-open review… Restrained optimism, or drained buyers? – If, Then… Market Timing

Post-open review… Restrained optimism, or drained buyers?

By Rod David | April 24, 2015 - 10:50 am

No follow-through to yesterday”s new highs.

Pre-open firming up to 2113.00 couldn”t exceed the overnight high before reversing back down to . That was yesterday”s last-minute low, and it held, reacting up to 2111.00.

Then a 5-point dive touched 2106.00 again. Was it just a knee-jerk reaction to news? Its rejection and recovery is taking quite a lot of time to prove that. Its retracement back to within 1 tick of 2111.00 wasn”t as quick, but it has yet to probe higher.

Back under 2107.50 would signal fresh lows underway, targeting 2104.25. Knee-jerk reaction, obligatory bounce, whatever… choppy extended ranges don”t suddenly resolve, and even the most bullish upleg may need to start fresh from fresh lows.

Avoiding fresh lows could be done by holding above 2108.50, and recovering to 2112.00. Meanwhile, this no-bias environment suggests no strong trending this morning either way.

Posted in Post-open Review, S&P