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Mid-day Update… And chat link. – If, Then… Market Timing

Mid-day Update… And chat link.

By Rod David | January 2, 2018 - 1:39 pm

We’ve switched back to the usual chaRTroom platform as Adobe assures us they’ve resolved their issues. CLICK HERE.

This morning’s bias-up signal was renewed by exceeding its 2687.50 bias-up target through 10:15. The renewed bias-up target at 2692.75 was met to within 3 ticks. Its retest formed a close-quarters Double Top while RSIs diverged negatively. Spiking down immediately to 2687.50 was recovered, almost entirely, to within 1 tick of the high.

Just for rejecting Friday’s late extension down as an anomaly, the renewed bias-up target should include a retest of Friday’s 2698.25 pre-open high. Its objective would be the 2700.00 area, if not also 2703.00. So, I’m keeping the sell signal somewhat removed from the range at 2687.75. Even then, a dip into the bias environment exit touched it.

Today is not a session-long rally setup. The pattern might behave that way for other reasons, but not reliably. And although rejecting Friday’s late collapse is bullish, a direct path higher isn’t assured.

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