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

Pre-market Tour (recording & summary)

By Rod David | January 26, 2016 - 9:25 am

A Head & Shoulders reversal pattern formed upon the recovery’s earlier attack on 1880.00. Its reaction down fulfilled a 61.8% projection to test 1870.00. Then the reaction down was recovered entirely, as Head & Shoulders patterns tend to do.

The pattern’s Head is being retested up to 1880.75. But Head & Shoulders patterns can hold a retest of their Head, instead of extending the trend. Being an overnight pattern, not yet reversing back down by 9:45 would better enable extending higher this morning.

This is also the critical 1880.50-1881.00 area discussed since yesterday’s close. Testing it post-open WITHOUT extending through it by 9:45 could be very bearish.

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

Posted in Pre-market Tour, S&P