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The pullback eventually touched Monday”s – If, Then… Market Timing

The pullback eventually touched Monday”s

By Rod David | August 27, 2015 - 9:21 am

The pullback eventually touched Monday”s mid-day recovery highs around 1950. That”s the high of the three-day consolidation which last night”s rally is trying to leave behind. And it”s doing as much as possible, besides correcting back into the prior range, by also reacting back up aggressively.

Too bad. Greeting the open nearer to the dip”s low would have required the rally to resume quickly and aggressively, or else to fail. Instead, having bounced already, we don”t get the benefit of that clarity. A post-open dip could extend for 10 minutes and still resume the rally — or else dip even nearer to yesterday”s 1938 close before recovering.

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Posted in S&P