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Mid-day Update… And? – If, Then… Market Timing

Mid-day Update… And?

By Rod David | July 20, 2016 - 1:57 pm

All upside requirements fulfilled.

The 2168.00 new Globex trend extreme that had printed last week required being retested intraday. Its retest was likely also to touch 2169.00. This morning’s 2169.75 high neutralized the attraction.

Overbought 1-minute and 3-minute RSIs at the morning’s high required a retest. The noon hour’s dip to 2166.50 was recovered back up to 2169.75, and 3-minute RSI didn’t recover to overbought. The retest is fulfilled.

Oversold RSIs at this morning’s 2158.50 low developed during the open, so they don’t require retest. It’s still an attraction, but not required.

Another influence may soon be relevant:

Today’s new highs are attempting a breakout from a multi-session range. Assuming the breakout is maintained, tomorrow would be the confirmation session — either closing higher to confirm the breakout, or not. Testing the room for noise above 2168.00 to 2175.00 without confirming the breakout would be bearish.

Meanwhile, this afternoon’s retest of this morning’s high will probably visit 2171.25. Back under 2166.25 would signal momentum already reversing down.

Posted in members-only, Mid-day Update, S&P