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

Pre-market Tour (recording & summary)

By Rod David | February 10, 2016 - 9:27 am

For only the second time that I can recall, Yellen lifted the embargo on this morning’s 10:00am opening remarks much earlier. Last time was at 8:30am, causing the market to scramble. This time was much earlier, in time to prevent the overnight rally’s latest breakout from extending. In fact, fresh highs at 1872.00 were already retracing, and then plunged to 1859.00. That’s been retested down to 1856.00.

Did that last dip subdue optimism, like yesterday’s last reaction down, which was bullish from a contrarian perspective? We’ll know soon, especially if 1857.25 holds as support through the open. Otherwise, there’s room down to yesterday’s 1856.50 “lower prior highs” and a little lower before reversing momentum back down more durably.

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

Posted in Pre-market Tour, S&P