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Mid-day Update… Tripping up. – If, Then… Market Timing

Mid-day Update… Tripping up.

By Rod David | April 5, 2017 - 2:11 pm

FOMC reaction offers a correction.

es_040517_pmThis morning’s doubly-renewed bias-up target at 2374.25 was touched, pierced by 3 ticks at this morning’s high. Its reaction down wasn’t shallow after all, triggering a pattern that targeted 2365.00. Touching the target has reacted back up, recovering all but 1 tick of this morning’s rally.

That’s a lot of optimism ahead of this afternoon’s FOMC Minutes. It’s also pessimistically short of actually touching the high. And now a pessimistic knee-jerk reaction to the news has attacked 2369.00 as support, which was this morning’s renewed bias-up target.

A little deeper pullback has room down to 2367.75 before starting to signal momentum actually reversing down. Meanwhile, the high requires a retest, probably up to 2377.00. Just closing above 2369.00 would all but ensure the next major objective in-play to probe new highs. Closing under 2369.00 would make the rally fragile, again.

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