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Pre-close View… Looks familiar. – If, Then… Market Timing

Pre-close View… Looks familiar.

By Rod David | November 10, 2015 - 3:13 pm

Retesting overnight highs.

The afternoon’s no-bias environment lapsed after barely piercing its 2074.00 bias-up signal. Apparently that didn’t strength the rubber band, as fresh highs have pierced the 2078.50 overnight high.

Extending higher would have been more credible this morning. Sapping up, surging, and quickly rejecting a post-open dip were all failed tactics. At least they were tried, and they haven’t let sellers retake control. Perhaps the patience of waiting until now will suffice.

Meanwhile, the shoe has switched feet. Rallying this morning had required being aggressive. Now, trending back down would likely be done aggressively. And retesting yesterday’s 2062.00 low — whether today or tomorrow — would be likely to launch a substantial rally.

Posted in Pre-close View, S&P