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Tack on another bearish development, – If, Then… Market Timing

Tack on another bearish development,

By Rod David | May 20, 2015 - 4:45 pm

Tack on another bearish development, in three ways.

Wednesday”s probe above the two prior sessions” highs was retraced to close back under them. Such obvious distributive behavior is already a warning. All the more so, with it developing in the 2128-2133 target area.

None of which is a sell signal, but the timing makes this warning particularly dangerous. The coming three-day holiday weekend means participation is thinning, and reversing down could collapse. Wednesday”s close held 2122.50, whose break would have signaled momentum reversing down already.

Momentum may still reverse down — Wednesday”s late drop to support hasn”t been rejected. Overbought RSIs at Wednesday”s 2132.25 high suggest it will be tested first. Probing the target area again Thursday would be vulnerable to collapsing into the afternoon.

Here”s more detail in the post-market Wrap recording:
https://roddavid10.mitel-nhwc.com/join/cxwvyzb

[Overnight chaRTroom links will be posted later.]

Posted in S&P