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The First Trade… Green. – If, Then… Market Timing

The First Trade… Green.

By Rod David | June 10, 2015 - 7:10 am

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

CHARTROOM LINK(s)
o Win XP-Friendly entry
o non-xp friendly (ilinc)
(pre-open Market Tour begins at 8:55 ET)

Through the prior close…
Tuesday”s pre-open drop to 2068.75 wasn”t retested intraday, but neither was it rejected. The morning”s bias-down target was satisfied to within 3 ticks, without oversold RSIs below needing a retest. The dips were reversed into positive territory attacking 2083.00 and 2085.00 — never above relevant resistance when it could reverse the trend back up, but the close essentially held positive territory. Buyers gained no traction for their efforts, but neither did sellers.

Overnight action”s new info…
Flat-to-higher ranging up to Tuesday”s high and back down to unchanged firmed again at Europe”s opens. That has extended to fresh highs testing 2089.00.

If, then…
Tuesday”s close was overlapping the 2078.75 lower-end of the decline”s target area. Monday”s close, too. Why did Monday”s find a hold-short compelling, but not Tuesday”s? Where Monday”s close had not maintained a reaction up from the target area, Tuesday”s close recovered from probes under it. Extending down is still possible, especially if gapping up this morning isn”t maintained through the open. Extending a gap up is the only credible start to a remaining in positive territory all day, if not also to trending back up.

First Trade…
Exiting the open at 9:45 above 2088.25 would likely also trigger the 2086.50 bias-up signal at 10:15. Exiting the open under 2082.00 would be unlikely to trigger bias-up.

Posted in S&P, The First Trade