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The First Trade. – If, Then… Market Timing

The First Trade.

By Rod David | December 31, 2014 - 7:52 am

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

Through the prior close…
Gapping down Tuesday remained under pressure throughout the day. But it held a test of lower prior highs at 2073.00. And no unfinished business below like oversold RSIs was left outstanding.

Overnight action”s new info…
Rallying ahead of Europe”s opens extended to test 2082/50. But a dip since then is testing 2079.50.

If, then…
Gapping up above yesterday”s 2083.00. opening high would break free from yesterday”s downtrend. The balance of the session might be dull, but the downside would be moot. Not extending through 2083.00 would still be capable of resolving down to new lows through the morning. Regardless, not yet breaking beyond either end of yesterday”s range could prevent trending for the day.

First Trade…
Exiting the open at 9:45 above 2083.00 would be likely also to trigger the 2082.00 bias-up signal at 10:15. Exiting the open under 2074.75 could still trigger the 2073.00 bias-down.

Posted in S&P, The First Trade