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Mid-day Update… Been here, done that (differently). – If, Then… Market Timing

Mid-day Update… Been here, done that (differently).

By Rod David | September 18, 2018 - 1:57 pm

PROGRAMMING NOTE: MARKET WRAP IS EARLY TODAY AT 3:21 ET.

This morning’s 2912.25 renewed bias-up target wasn’t triggered at 10:15, which had only held a test of the 2907.50 bias-up target. But 2907.50 was exceeded quickly, and it was still a bias-up environment. And 2912.25 was met as the bias environment started lapsing.

The rally extended into a noon surge that touched 2916.25. Coming within 3 ticks of last Friday’s pre-open “new Globex trend extreme” doesn’t neutralize its unfinished business,being a structural point and not calculable. The premature hesitation does reflect pessimism, or at least restrained optimism, in either case bullish from a contrarian perspective.

Now the afternoon has triggered no-bias, holding a test of its 2915.25 bias-up signal. Exiting the window under 2911.25 would start to signal a deeper pullback underway, perhaps only to test 2907.00. Rallying would likely probe 2920.00. Neither is very reliable with volume thinning ahead of Yom Kippur’s observance.

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