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Initial target met, bias-up target in-play. – If, Then… Market Timing

Initial target met, bias-up target in-play.

By Rod David | May 10, 2011 - 11:04 am

Optimism is alive, and, well… alive.

[pay]1346.75 held its pre-open dip down to 1345.25. The recovery above 1347.25 had extended higher long before triggering bias-up at 10:15. In fact, the 1351.75 minimum objective was tested already by 10:30.

Now the rally is trying to resume after dipping to 1349.50. The 1353.50 bias-up target is in-play so long as pullbacks hold 1348.75.

Under 1348.75 would signal momentum reversing down. And that would suggest the 1351.75 test had satisfied buying pressure.[/pay]

Posted in Bias-parameters, S&P