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Bias-up target holding into the noon hour. – If, Then… Market Timing

Bias-up target holding into the noon hour.

By Rod David | July 16, 2008 - 12:10 pm

[pay] A MAD & RSI diverged negatively into a probe of new session highs at ESu 1229’25 that produced a 9-point drop. But S&Ps have essentially only ranged around the first half-hour’s test of this morning’s 1224’00 bias-up target. So despite the higher highs and avoiding a pullback, buyers haven’t gained traction.

Sellers haven’t gained traction either. If they haven’t done so coming out of the noon hour, then a favorable reaction to this afternoon’s FOMC minutes would be likelier. But back under 1218’00-1220’00 would start indicating the market is more interested in using news as an excuse to sell.

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Posted in Bias-parameters, S&P