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Bias-down target met (again). – If, Then… Market Timing

Bias-down target met (again).

By Rod David | May 21, 2008 - 11:16 am

[pay]MACD & RSI at the ESm 1410’75 overnight low had indicated it would be retested. Meanwhile the 1413’00 support finally gave way for a drop that has touched 1408’00.

Another point or so lower would completely retrace the gain since last Wednesday’s close, further confirming last Wednesday’s bearish reversal setup. And with the gap outstanding back to last Tuesday’s close another 3 points lower, this afternoon’s FOMC Minutes could be greeted from a very bearish posture.

MACD & RSI diverged positively on the 1-minute chart only, so this would be a good opportunity for a corrective bounce to run its course before any technical strength could appear among relevant intervals. But now instead of 1412’00, selling should resume very quickly upon probing back above 1411’25.[/pay]

Posted in Bias-parameters, S&P