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Mid-day Update… Underlying strength. – If, Then… Market Timing

Mid-day Update… Underlying strength.

By Rod David | January 17, 2019 - 1:49 pm

3 ticks under yesterday’s high.

Reversing down through yesterday’s last 60-90 minutes, and extending down through Europe’s opens, has now been retraced to within 3 ticks of yesterday’s 2626.50 high. Such is the power and persuasion of 2626.00, not only as a repellent as its test fulfills buying pressure, but also as an attraction from testing support.

That support is the ~2598.00 “lower prior highs” that was tested overnight. Its intraday test would have been optimal and reliable, but that hasn’t mattered to the rally underway from the open. The 2626.00 attraction is actually the reward for having absorbed the interim drop.

Extending higher would suggest that 2658.00 may be tested before the weekend. But nothing requires trending any higher today. Wednesday’s confirmed breakout does require an eventual higher close, but not necessarily today. And WedEX’s bullish influence should be evident tomorrow afternoon. Sideways ranging or an interim dip wouldn’t affect either setup.

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