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

Mid-day Update… High expectations.

By Rod David | January 30, 2019 - 1:57 pm

Strong rally ahead of FOMC.

The post-open dip down to this morning’s 2647.00 bias-up signal held to maintain the bias-up, quickly extending back up to and through the 2653.00 bias-up target. Well through it. To and through last Friday’s 2660.00 “higher prior lows” and up to 2667.00.

That’s pretty optimistic ahead of an FOMC policy statement and Fed chair Q&A. Reacting down through the noon hour’s exit is testing 2657.00, and reintroducing some pessimism. A favorable reaction to the news won’t be as difficult.

A favorable reaction to the news also isn’t required to be maintained. A favorable reaction isn’t required at all. But closing above 2666.00 would start requiring the rally to resume. And having probed 2666.00 intraday, closing back under 2656.00 would suggest the bounce is done.

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