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That was quite an intraday – If, Then… Market Timing

That was quite an intraday

By Rod David | July 7, 2015 - 5:26 pm

That was quite an intraday swing Tuesday. Not an unqualified reversal, as the afternoon”s rally stopped short of recovering prior highs. The 2078 pre-open high wasn”t touched, and Thursday”s 2077 prior intraday high was barely attacked. Without sponsorship willing to close that much higher, the size of the intraday recovery is irrelevant — this market is not out of the woods.

That condition is not a technicality. Sure, gapping up sufficiently Wednesday could serve by proxy. Not gapping up Wednesday wouldn”t preclude extending higher anyway. But until either gapping up or trending up, the decline can resume without any further delay. And resumption does mean new lows, at this stage probably a new downleg.

Details were discussed during the post-market Wrap, recording here:
https://roddavid10.mitel-nhwc.com/join/fbkzxwp

[Check this post”s comments for links to monitor the chaRTroom overnight.]

Posted in S&P