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Mid-day Update… They want to like it. Can they? – If, Then… Market Timing

Mid-day Update… They want to like it. Can they?

By Rod David | June 14, 2017 - 1:40 pm

Defensively postured. Sort of.

A small capitulative leg completed this morning’s test of its 2433.00 objective. Its attraction below is neutralized. The reaction up tested 2436.00 and 2438.00 a couple of times each. An inflection point at 2437.50 was tested, but not triggered.

Anxiousness ahead of the 2:00 ET FOMC announcement is the likely culprit for only consolidating. Neutralizing the attraction below is not an optimal position of strength to greet the news. Upside potential remains intact anyway, due to the proximity to Friday’s 2443.50 high and having stopped pessimistically short of touching it pre-open.

The 2:30 Q&A by Fed chair Yellen will also be influential to price action. All of the day’s surprises should be resolved by the time of our 3:33 Market Wrap.

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