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Pushing on a string. – If, Then… Market Timing

Pushing on a string.

By Rod David | July 17, 2015 - 2:01 pm

Opening dip has yet to extend or to recover.

If trending down throughout the opening 15 minutes hasn”t set a bearish tone for the day, then at least it”s inhibiting a recovery. That opening setup was suspicious already for not probing under any relevant support, and not yet extending only reinforces that suspicion.

But while sellers don”t seem resolved to push lower, buyers seem to be stuck in traffic and yet to arrive.

A bullish WedEX need not avoid fresh session lows retesting this morning”s 2112.75 low. A bullish WedEX need only force a quick and substantial recovery from fresh lows. Or, simply start trending up through 2116.00-2117.00 altogether, targeting fresh highs above 2120.00-2121.00.

Regardless of these likely influences, don”t forget that today is expiration. Fridays are already vulnerable to unique “Friday factors” caused by the fast-approaching illiquidity. Trending is difficult to start, and difficult to stop once started.

Posted in S&P