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

Mid-day Update… Drift.

By Rod David | November 22, 2017 - 2:05 pm

Backing-and-filling with FOMC just ahead.

Gradually eking lower and lower has touched 2593.75 coming out of the noon hour. A blip-up to 2596.00 is behaving a little optimistically ahead of FOMC Minutes due out momentarily at the top of the hour. Not so optimistically as to confidently fade it. And not that FOMC Minutes create so much volatility.

At least, Minutes don’t normally trigger major moves. It’s not the actual policy statement. But today’s low volume environment might be exploited. Still having room down to 2591.75 or lower could be exploited, too. And so could the newly created room back up to intraday or overnight highs around 2600.00.

Meanwhile, note that if the reaction is limited in duration, then we’re likely to hold Market Wrap early — either at 2:22 or 3:03 ET.

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