Minimum upside fulfilled. Bearish setup forming?

Opening gap filled, and nothing more.

The slow, steady march higher has reached the minimum of its two higher objectives. Having gapped up above all prior intraday highs, today's 2082.50 open required being filled. It was pierced by 1 tick.

Retesting the open would have been only arbitrary if at least Friday's high were not touched in the interim. That was done during this morning's test of the bias-up signal down to 2075.50.

Reacting down from 2082.50 has just touched 2078.00. There's no requirement either to bounce or to extend down. But it's too late for a reliable setup to develop either way.

However, avoiding a retest of this morning's low -- or, at least, only momentarily piercing this morning's low -- would form a bearish setup for tomorrow. I'll describe it during the Market Wrap and in the Trading Plan post.

Posted to Rod David's Futures Market … on Dec 23, 2014 — 3:12 PM
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