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Pre-close View… Least resistance. Also: Early Market Wrap – If, Then… Market Timing

Pre-close View… Least resistance. Also: Early Market Wrap

By Rod David | February 12, 2016 - 3:29 pm

Today’s post-market Wrap is early at 3:45pm ET.

Sellers had an opportunity to take today’s market back down. Back down hard. Back down into yesterday’s range and lower. Sellers tried to take today’s market back down at the open. And they failed.

Pretty much ever since then price has extended higher. The open’s dip touched yesterday’s “lower prior highs” down to 1833.50 and reversed up to within 1 tick of 1855.50. Overbought RSIs there helped a reversal through the noon hour to hold the afternoon’s 1846.00 bias-down signal as support. And now 1860.50 was just touched.

Pretty good, huh?

And that’s what the rally can do with thinning participation, focused on illiquidity ahead of a three-day holiday weekend. Just imagine what it might do when volume returns next week, and more time is available to hold risk…

Yah, just imagine.

PROGRAMMING NOTE: TODAY’S POST-MARKET WRAP BEGINS EARLY AT 3:45PM ET. AND BEING A HOLIDAY WEEKEND, THERE IS NO SATURDAY REVIEW.

Posted in Pre-close View, S&P