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Mid-day Update… Still uptrending. – If, Then… Market Timing

Mid-day Update… Still uptrending.

By Rod David | December 12, 2018 - 1:29 pm

PROGRAMMING NOTE: I’M AWAY FROM THE SCREENS BETWEEN 1:30-3:00, AND BACK FOR THE FINAL HOUR…

The minimum likely upside objective is also this afternoon’s 2687.00 bias-up target. And it is being met as the bias timing window is entered. This is still a bias-up environment, but 2687.00 does represent resistance that can force even the most bullish rally to correct.

We’ll see.

This morning’s rally has been a choppy uptrend already, with plenty of overlapping pullbacks forming an ongoing series of higher highs and higher lows. A single corrective dip has room down to 2672.75-2674.00 while still being likely to resolve up.

Resolving up from such a singular dip could be very aggressive, triggering a short-squeeze as a round of hold-outs capitulate to get long. Otherwise, extending a pullback under 2671.00 could fill the open’s gap to either of its proxies, 2658.25 or 2650.50.

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