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Pre-close View… Another toe in the water. – If, Then… Market Timing

Pre-close View… Another toe in the water.

Positive territory being contemplated again.

es_102616_pmReacting down from 2140.00 fulfilled the minimum required pullback to this morning’s 2133.50 bias-down signal. For good measure, the 10:20 2129.00 print was also retraced, along with the morning’s 2127.75 bias-down target.

2127.75 is also this afternoon’s bias-down target. Probing under this afternoon’s 2132.50 bias-down signal during its no-bias environment required a recovery, too. And for good measure, its 2134.25 1:20 print was also retraced.

Overbought RSIs at the 2140.00 high require an eventual retest. There’s no requirement to retest it today. But the position-squaring window is now opening at 3:37, and testing 2134.25 should launch another upleg without delay if the high will be retested today.

Another downleg isn’t likely, not today. But back under 2131.50 would start to suggest that is the market’s intent.