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The First Trade. – If, Then… Market Timing

The First Trade.

By Rod David | November 14, 2014 - 7:31 am

Proper context can start the day with a solid win and make all the difference.

Enter the Chartroom here (pre-open Market Tour begins at 8:55 ET)

Through the prior close…
Wednesday night”s new highs up to 2043.75 had been retraced back down under Wednesday afternoon”s highs testing 2035.00. But Thursday”s open quickly rallied back up to the overnight highs. A deeper reaction down probed under Wednesday morning”s lows to test 2027.00. Thursday”s last 60-90 minutes bounced back to test 2035.00, narrowly avoiding a trend change signal.

Overnight action”s new info…
Choppy sideways ranging has been centered around 2035.00.

If, then…
There is no “new Globex trend extreme” outstanding that requires being retested intraday. The only near-term structural attraction is below, at the oversold RSIs which printed during Thursday”s 2026.75 low. Not that its support is anything more substantial than “obligatory,” but there is little if any support below it. Regardless, this being a Friday, if any trending does get underway, it would be likely to extend through the noon hour.

First Trade…
Exiting the open at 9:45 under 2030.00 would be likely also to trigger the 2029.00 bias-down signal at 10:15. Exiting the open above 2043.00 would be likely to trigger the 2041.50 bias-up signal.

Posted in S&P, The First Trade