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Post-open Review… Upside ends prematurely. – If, Then… Market Timing

Post-open Review… Upside ends prematurely.

By Rod David | July 27, 2018 - 10:54 am

REMINDER: MARKET WRAP IS ONE HOUR EARLY TODAY.

Trending up relentlessly overnight had tested yesterday’s 2846.50 high. There was no assurance that reinforcements would carry the trend higher post-open, but I would be reluctant to short before neutralizing the unfinished business above at 2848.75.

After the GDP reaction’s dip to 2839.00, no new sponsorship made its retest likely. Holding its retest would have potential back up to 2848.75.

Neither path higher formed. The dip to 2839.00 developed as was expected, but only to form a Descending Triangle that broke lower. Testing the 2836.50 bias-down signal at 10:15 and 10:30 has triggered noN-bias. The 2829.50 bias-down target is still an attraction, but doesn’t require being tested or held. Now it’s being attacked to within 2 points.

Recovering 2837.25 through a relevant window like the bias environment exit would start to signal this morning’s drop had ended. The vacuum back up to yesterday’s and overnight highs wouldn’t need any new sponsorship to rally — diminished selling would be enough.

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