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Mid-day Update… Waiting for it. – If, Then… Market Timing

Mid-day Update… Waiting for it.

By Rod David | April 27, 2016 - 1:41 pm

Is FOMC news the trigger?

Trending isn’t likely ahead of  the 2:00pm FOMC policy statement. That didn’t prevent bouncing more than 9 points into the noon hour’s 2085.75 high. This morning’s 2075.50 bias-down target was met to within 3 ticks, and the bias environment exit recovered its 2081.00 bias-down signal.

The only unfinished business below is oversold RSIs at 2076.25. Its test would be targeted under 2079.00. Greeting the FOMC news there wouldn’t be healthy. Fresh lows at 2067.00-2069.00 would be targeted, and potentially lower if not recovered quickly.

Back above 2083.75-2085.00 would greet the FOMC news from a position of strength, allowing a favorable reaction to expend less energy just to retrace resistance, leaving more energy to rally. Fresh highs at 2110.00 remain likely.

es_042716_amP.S. Somehow the last post’s chart was incorrect. Click here for the correct chart.

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