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Bias-up target met. And held. – If, Then… Market Timing

Bias-up target met. And held.

By Rod David | May 18, 2011 - 2:37 pm

Extreme optimism?

[pay]This afternoon’s 1339.75 bias-up target was met. A dip down to 1336.75 in reaction to FOMC Minutes had left overbought RSIs above. They were retested up to 1340.25.

A single reaction down probed fresh lows down to 1335.00.  The drop can be corrected up to 1338.00-1338.50 without buyers regaining traction. A fresher low would signal momentum has reversed down, which could have very bearish consequences into the close.

But recovering 1338.50 could trend up into the close.

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Posted in Bias-parameters, S&P