Almost like Monday”s sellers, Tuesday

Almost like Monday”s sellers, Tuesday buyers gained no traction for their effort. Almost. There were two big differences, as big as they could be without actually gaining traction.

First, Tuesday trended further into positive territory from the open, while Monday shrank the size of its opening dip. Second, Tuesday”s bias environment was exited above the noon hour”s range, while Monday”s bias environment exit made no trending effort.

Of course, both setups are similar from there, since the last two signal windows didn”t extend. That required gapping down Tuesday if sellers were to regain control. Extending higher Wednesday would be credible, and absorbing an early dip would be likely, but neither is required as if buyers had gained traction.

One other difference does make Tuesday”s rally likelier to extend, or at least to try — the afternoon”s bias-up left unfinished business above at its 2090.75 target.

The FOMC policy statement and Yellen Q&A tend to paralyze price action with anxiousness. So, rallying before then should be obvious early if at all. We”ll have the WedEX signal at the close. More detail was discussed during the post-market Wrap, recorded here:
https://roddavid10.mitel-nhwc.com/join/kfpcsbk

[Links to monitor overnight price action will be found in this post”s comments section on the Activity Feed after 6pm ET, or email me.]