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Mid-day Update… All eked out and nowhere to go. – If, Then… Market Timing

Mid-day Update… All eked out and nowhere to go.

By Rod David | November 18, 2015 - 12:08 pm

Already extended ahead of FOMC Minutes.

The 2055.00 bias-up signal’s 2061.50 target was met on the way to probe above yesterday’s 2065.25 high. Its reaction down is now testing 2061.50 as support.

There remains potential for also testing 2068.00. The objective need not be met, but the character of its test would be relevant.

This afternoon’s FOMC Minutes is an obstacle to extending higher. New sponsorship is inhibited before its 2:00 release. So, testing 2068.00 before or after could produce a durable reaction down.

Avoiding fresh highs altogether is also possible. Back under 2060.00 and 2057.00 would start to suggest either no favorable reaction to FOMC, or only a momentary knee-jerk reaction up.

Posted in Mid-day Update, S&P