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LATE BIAS-DOWN – If, Then… Market Timing

LATE BIAS-DOWN

By Rod David | November 7, 2013 - 1:46 pm

Fresh session lows confirm a corner is being turned.

[pay]Having touched 1756.00 this morning, any bounce was henceforth deemed to be only a temporary correction. In fact, an obligatory bounce off of 1752.75 came within 2 ticks of its potential to 1762.00 before reversing down to new session lows.

This afternoon’s 1756.00 bias-down signal was still being tested within 3 minuets of 1:20 to invoke the grace period. But it was broken cleanly through 1:30.

Unless 1756.00-1757.00 were recovered through a relevant timing window to at least undermine the decline, sellers get every benefit of the doubt. The only wild card may be in whether anxiousness ahead of tomorrow’s Employment Situation report paralyzes price action for the balance of the day. As much as that it is possible, this pattern would be odd not to produce more fresh lows first.

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Posted in Bias-parameters, S&P