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Pre-market Tour (recording & summary) – If, Then… Market Timing

Pre-market Tour (recording & summary)

By Rod David | May 4, 2016 - 9:18 am

The overnight drop probed 1 point under what would be the 2041.75 renewed bias-down target. A reaction up came within 1 tick of the 2046.75 bias-down target, and now 2041.75 is being retested as support.

That reaction down has formed a Falling Wedge, and its low is stopping optimistically short of touching the actual low.

Breaking lower from this pattern is likely to be aggressive, targeting the upper-end of the 2035.00-2035.00 objective. Recovering 2044.75 first — which is being tested now — would make the next downleg likely to originate from 2048.00.

Details and other markets coverage are discussed in the pre-market Tour recording here.

Posted in members-only, Pre-market Tour, S&P