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

Mid-day Update… Discounting.

By Rod David | February 17, 2016 - 1:43 pm

Is bullish FOMC news already reflected?

Potential to 1920.00 was fulfilled before a sell signal could trigger, even if only for a corrective dip. Consolidating back down to 1917.00 resolved up to 1924.50.

Now the afternoon’s 1923.25 bias-up signal has been overlapped to signal noN-bias. No higher target is in-play, and no required afternoon range — although noN-bias does tend to hold the bias signal anyway.

That may be the case now, ahead of this afternoon’s FOMC Minutes. Dipping ahead of the news is testing 1920.00 as support. Apart from retesting the highs as a knee-jerk reaction to the news, no higher objective is in-play. And a lot of optimism is reflected in this morning’s rallly.

Posted in Mid-day Update, S&P