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Pre-close View… One more wall of worry. – If, Then… Market Timing

Pre-close View… One more wall of worry.

By Rod David | June 2, 2016 - 3:08 pm

Fresh highs meeting resistance of pre-payrolls anxiousness.

es_060216_pmOptimism ahead of tomorrow morning’s Employment Situation report has enabled today’s post-open recovery. Extending from its 2086.75 low up to 2101.25 is producing the first retest of Tuesday’s 2100.00 gap up.

Being a gap up above all prior intraday highs, filling it was required. Sunday night’s 2103.75 new Globex trend extreme requires an intraday retest, too. But its outstanding attraction can’t prevent the filled gap’s resistance from triggering a little more backing-and-filling.

Probing fresh highs now allows a little more backing-and-filling without being bearish. This new element to the chart structure can cut both ways — optimism ahead of tomorrow morning’s report can now turn to anxiousness that inhibits extending any higher today. A pullback has room down to 2095.00 before suggesting anything more durable underway.

Otherwise, regardless of when the rally extends, its next higher objective above 2103.75 is 2016.00-2018.00. Today’s post-market Wrap will discuss the possible outcomes to trying to trend higher into the weekend.

Posted in members-only, Pre-close View, S&P