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Another bias target met? – If, Then… Market Timing

Another bias target met?

By Rod David | January 14, 2011 - 2:42 pm

The high has come within 1 tick of 1289.00, while RSIs diverge negatively.

[pay]This afternoon’s bias environment is now lapsing. The 1289.00 bias target has been met within 1 tick. RSIs did deteriorate into its test, but have not diverged negatively. That, and narrow ranging just under it for 30 minutes suggest 1289.00-1290.00 will be tested.

Currently, a dip to 1287.00 has taken 1-minute RSI to nearly oversold levels. That could have absorbed enough froth to produce a fresh high.

Reacting to a fresh high by dipping under 1287.750 could trigger a quick slide down to 1282.00 or 1280.00.

Just entering the next hour under 1287.00 would suggest momentum was reversing down.

Closing above 1289.00-1290.00 would put into play the next higher objective around 1310.00. It would have to be confirmed Monday, although it should be noted that Friday breakouts usually aren’t. Also, a second consecutive breakout immediately following an unconfirmed breakout usually isn’t confirmed, either.[/pay]

Posted in Bias-parameters, S&P