Monday afternoon”s 2104.25 bias-down target

Monday afternoon”s 2104.25 bias-down target wasn”t met by 1:20, let alone held, not like the morning”s 2119.75 bias-up target had already held by 10:15. That didn”t required trending lower, but it made trending lower easier. And the next lower targets down to 2101 were met.

That”s where RSIs finally diverged positively, on 2101”s retest. I calculated bounce potential to 2104.25-2105.00 before 2101”s retest, and would have gladly sold it overnight for a reaction down under Monday”s 2101 lows. But it was tested at Monday”s close.

Never mind that, bouncing to 2104.25-2105.00 might still push back under 2101. And that”s despite the favorable reaction to AAPL”s post-close earnings. AAPL has gained up to $2-1/2, but 2104.25-2105.00 is still being overlapped.

I”m still bullish for another probe of fresh highs, no matter how brief, but not from very much lower. Especially if Techs can put in a “relief rally” Tuesday. A Biotech rally would be helpful, too, and not unlikely — their weakness Monday was likely a big function of being shorted as a hedge ahead of AAPL”s earnings. A hedge that doesn”t seem necessary (not until AAPL reaches 140, but don”t tell anyone).

The post-market Wrap is below. But, first, my thanks to all who encountered difficulty with the meeting room software update problem. And my thanks to all who tried one of the 5-6 candidates for its replacement — your observations are very helpful.

https://roddavid10.mitel-nhwc.com/join/cxwsswv