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The First Trade. – If, Then… Market Timing

The First Trade.

By Rod David | December 26, 2014 - 7:37 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…
Tuesday night”s narrow ranging wasn”t rejected at Wednesday”s open, and no-bias was triggered. The holiday-shortened session gradually firmed to test its 2082.75 bias-up signal. Double Topping there collapsed suddenly during the noon hour, plunging 5-6 points down to 2077.00. And that was still an inside day compared to Tuesday.

Overnight action”s new info…
Last night”s open spiked up to attack 2087.75, where price has been ranging narrowly since then.

If, then…
Unlike Wednesday, today is a full session. Unlike Wednesday, narrow overnight ranging is much less of a threat to inhibit trending intraday. Like Wednesday, Tuesday”s potentially bearish setup could still trigger through the open. And unlikely Wednesday, the setup could still trigger this afternoon — assuming the rally had not extended through the morning. That last qualifier of extending the rally is not an afterthought, but should be obvious through the open.

First Trade…
Exiting the open at 9:45 above 2084.75 would be likely also to trigger this morning”s 2082.75 bias-up signal at 10:15. Exiting the open under 2078.25 would be unlikely to trigger bias-up.

Posted in S&P, The First Trade