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

Pre-market Tour (recording & summary)

By Rod David | February 11, 2016 - 9:22 am

The most bearish element of the open is not the substantial gap down currently indicated, because it’s still the product of only one timing window. It’s not the relentlessness of the overnight decline, because that’s often reversed post-open from support. And it’s not the proximity to prior lows.

The most bearish element off the open is the pre-open bounce. Spiking down momentarily to touch 1802.50 had reacted up initially to 1818.50. That was awhile ago, and it has been pierced by 1 point, but not extended.

So, not only has room been created to attract another downleg, but the bounce isn’t attracting sponsorship for extending higher. At least, not yet. A post-open surge would be credible for extending higher this morning. Otherwise, at least a retest of the low is likely.

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

Posted in Pre-market Tour, S&P