Posts by Rod David
Look ahead: Economic Calendar – for Mon Feb 16 2015
A midday look ahead in preparation for economic reports and events scheduled for the next trading day.
Highlights: It”s Presidents” Day, a holiday for exchanges. Globex opens normally Sunday night and trades through 11:00am ET Monday, before re-opening at 6:00pm ET Monday night.
All Markets Closed
Watch out for the Friday Factors
Counter-trend sponsorship is different today.
This being a Friday, the morning”s bias signal is likely to persist through the noon hour. This morning”s bias-up signal triggered late, but it hasn”t been invalidated. In fact, it was validated by probing a fresh high after triggering,
And its 2092.75 bias-up target remains outstanding. The bias-up target doesn”t require being tested. But it”s test is likely so long as price action is within its orbit. And its orbit includes the bias environment”s 2086.50 low.
Meanwhile, yesterday afternoon”s buyers were rewarded with control of this morning”s bias environment, which trended up (higher highs and higher lows). Influences are behaving normally, so other influences should, too.
One of those other influences is the Friday Factor that makes counter-trend sponsorship difficult to generate. So, extending the rally remains likely.
Having said that, back under 2088.25 and 2086.50 would start getting a benefit of the doubt for at least a detour targeting 2083.25-2084.00. But then another Friday Factor would be influential, which is the difficulty of trending Friday afternoon.
Afternoon bias
| FRI afternoon signal (triggered at 1:20 ET) | SPX | ES |
| Bias-up: above | 2096.75 | 2092.75 |
| …would target | 2101.75 | 2098.00 |
| Bias-down: under | 2087.00 | 2083.25 |
| …would target | 2081.50 | 2077.50 |
| Signal status: NO-BIAS | FAQ | |
| INTRO VIDEOS #1 and #2 | ||
1. At 1:20, trading above the bias-up signal or under the bias-down signal would put into play a test of its bias-up or bias-down target.
2. Not triggering either bias signal at 1:20 would be “no-bias,” and the bias signals should define the bias environment”s range.
— A test of the opposite bias signal would be targeted if one bias signal was tested before triggering no-bias.
3. Touching the bias signal within 3 minutes either way of 1:20 would invoke a grace period through 1:30 to trigger a late signal.
— “Late” signals don”t require testing the opposite bias signal, but it”s still likely.
4. Still testing the bias signal at 1:30 after invoking the grace period would trigger “noN-bias,” with no bias influence.
Did you see my updates
Did you see my updates on FITX? The bullish potential was described during Wednesday”s Livestox. Earlier I identified a couple of similar setups forming. We”ll review those, and more, in today”s Livestox which begins at 12:30 ET.
Post other stock chart analysis requests to this thread.
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optional teleconference instructions (required for iPad and tablets):
1-605-562-0020
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http://marketfy.com/product/stock-technical-trade-alerts/blog/1143/view/60141/
Post-open review
A funny thing happened on the way to new highs…
Hours and hours of choppy pre-open ranging was centered around this morning”s 2087.50 bias-up signal. An unannounced headline threw cold water on the already cold, wet Grexit issue, triggering a quick dip to 2084.25.
So, the cash session open suddenly found itself consolidating under the bias-up signal it had been clinging to just minutes earlier.
Resolving up to a fresh high at 2090.00 held up into the 10:00 econ report, and then resolved back down to 2086.00. All of which was essentially still ranging around the 2087.50 bias-up signal.
In fact, the 15-minute grace period triggered at 10:15. But new highs were being probed into 10:30. This is a late bias-up environment, and its 2092.75 bias-up target is in-play.
Despite the preponderance of bullish setups, back under 2087.50 would make probing fresh post-open lows likely, regardless of the resolution.