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

Pre-market Tour (recording & summary)

By Rod David | January 13, 2016 - 9:20 am | 2

The overnight dip from 1946.50 eventually extended down to 1932.50. That is a test of 1933.50 as support, which had been the objective of yesterday afternoon’s short-squeeze setup.

Its reaction up attacked 1944.00, still leaving enough time for another dip. That dip is testing 1938.00 as support, which had been significant resistance to yesterday morning’s gap up.

The dips and their reactions help to identify a pullback limit at 1936.00-1937.00. Opening any higher — or, at least holding 1936.00-1937.00 as support of a post-open dip — would be much more vulnerable to resuming the rally. The next higher objective remains 1948.00.

Back under 1936.00-1937.00 would start to suggest the rally signal is inverting for the morning.

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

Posted in Pre-market Tour, S&P

2 Comments

  1. Josey on January 13, 2016 - 10:53 am at 10:53 am

    Hi Rod, Does crude need to make a fresh low, for more of a durable bottom or just test the low range? TY



    • Rod David on January 13, 2016 - 12:14 pm at 12:14 pm

      No fresh low needed, but could close above 31.35 to at least suggest the drop’s momentum has lapsed.