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Post-open Review… Slow and steady. – If, Then… Market Timing

Post-open Review… Slow and steady.

By Rod David | February 9, 2017 - 10:38 am

PROGRAMMING NOTE: I WILL BE AWAY FROM THE SCREENS DURING TODAY’S FINAL HOUR. MARKET WRAP WILL BE HELD EARLIER.

Reacting down from the overnight 2296.25 high had retraced to 2291.50. The 2293.00 open never touched the 2292.75 bias-up signal.es_020917_am Firming back to the overnight high maintained the gap up at or above 2294.00, and bias-up triggered.

The 2297.75 bias-up target wasn’t exceeded by 10:15 to renew the bias-up signal, but it was still a bias-up environment. The target also wasn’t touched by 10:15 to satisfy its buying pressure. Quickly after 10:15 a surge extended to the target. And through it.

The two-week old 2299.50 “new Globex trend extreme” is now being probed up to new highs at 2301.25.

Prior highs are natural resistance, but only increase the vulnerability to backing-and-filling. The next higher objective is likely 2311.00, and reacting down would likely be only obligatory, especially so long as it 2297.00 holds any test of support.

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