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Mid-day Update… A little slower on the uptake. – If, Then… Market Timing

Mid-day Update… A little slower on the uptake.

By Rod David | August 2, 2017 - 1:24 pm

Morning’s deep drop consolidating.

Breaking under this morning’s 2468.75 bias-down signal between 10:15-10:30 managed to invalidate the no-bias signal that had been triggered. Extending down to 2363.50 was recovered to probe 1 point above 2468.75 before noon. But reacting down 4 points has settled in for an afternoon no-bias environment.

Exiting the bias environment back under 2465.00 would likely resume the decline and probably at least test 2458.50. Almost any lower than that — or just closing under 2362.75 — would complete the Head & Shoulders topping pattern we’ve been traction.

Otherwise, rallying this afternoon could help to invalidate the Head & Shoulders in favor of fresh highs. Only closing positive today would be bullish, but the groundwork could be laid.

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