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

Mid-day Update… Positive attitude.

By Rod David | October 28, 2015 - 12:51 pm

Still probing higher ahead of FOMC.

This morning’s 2071.50 bias-up signal was met and exceeded up to 2074.75. Consolidating into the noon hour’s exit suddenly spiked up to a fresh high, which has been pierced up to 2076.00.

Meanwhile, RSIs have begun diverging negatively. So, avoiding a corrective dip all but requires extending the rally aggressively.

That upside path is being challenged by the impending FOMC effect that makes attracting new sponsorship difficult. A corrective dip down to 2065.25-2067.50 could help to ensure a favorable reaction back up.  Otherwise, extending higher at all could stumble and reverse down at its first hesitation.

Posted in Mid-day Update, S&P