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Mid-day Update… Minutes by minutes. – If, Then… Market Timing

Mid-day Update… Minutes by minutes.

By Rod David | October 11, 2017 - 2:07 pm

Firming optimistically into FOMC Minutes.

Price action was somewhat inhibited ahead of this afternoon’s FOMC Minutes. The noon hour’s fresh highs tested this afternoon’s 2550.75 bias-up signal. Twice. Its reaction down touched the intraday rally’s 2549.25 pullback limit. Twice. The news is now out, and the 2549.25-2550.75 range is still holding.

Not even a relief rally. How about a relief blip-up? A fresh high touching 2551.50 would raise the sell signal from 2548.00 up to 2549.50.

Nothing would require 2551.50 to hold, and any delay in reversing down from its test would be bullish. New highs are nearby, but keep stops tight as the pattern has been collapsing from this area.

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