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Mid-day Update… Recovered! (to resistance.) – If, Then… Market Timing

Mid-day Update… Recovered! (to resistance.)

By Rod David | April 6, 2017 - 12:26 pm

Bias-up target met, holding.

This morning’s 2351.00 bias-up signal triggered late, but cleanly, probing the 2354.00 pre-10:15 high through 10:30. Its 2357.50 bias-up target was pierced byes_040617_noon 1 tick as the bias environment began lapsing.

That’s step-one, both for a rally and for a new downleg.

Recovering to 2357.50 rewards buyers that absorbed the post-open dip attacking 2344.75. Extending the recovery would suggest it is attracting new sponsorship. Meanwhile, the reward has satisfied near-term buying pressure, making price vulnerable to falling.

Thursday afternoons are often paralyzed by anxiousness ahead of Friday morning’s Employment Situation report. Yesterday morning rallied bravely ahead of the afternoon’s FOMC Minutes, and suffered the consequences. Memories may be the recovery’s biggest challenge here, but the market will rally if it wants.

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