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Mid-day Update… Digestion. – If, Then… Market Timing

Mid-day Update… Digestion.

By Rod David | June 29, 2016 - 1:58 pm

Consolidating this morning’s rally.

Resistance at 2053.50 was only a temporary obstacle before extending to the next higher objective at 2055.50. Its resistance was limited to a brief 2-point reaction down. The rally easily extnded into a noon hour peak attacking 2060.00.

Dipping to 2054.00 prevented the afternoon’s 2058.75 bias-up signal from triggering. The no-bias environment is ranging narrowly.

Resuming this morning’s rally is this afternoon’s least likely resolution. Just hovering at the highs is likelier, or else trending back down through the 2044.00 open.

If trending up is least likely, then trending up would likely be done very aggressively. Fading a fresh high would be credible, but be sure not to get caught short if the high isn’t quickly rejected.

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