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Pre-close View… New highs ahead of the close. – If, Then… Market Timing

Pre-close View… New highs ahead of the close.

By Rod David | February 10, 2017 - 2:58 pm

REMINDER: MARKET WRAP BEGINS AT 3:33pm ET.

es_021017_pmThis morning’s 2311.75 bias-up target was met to within 1 tick during the bias environment. This afternoon’s bias-up signal has extended to within 1 point of its 2316.75 target.

The high should be retested since its RSIs are overbought. But its retest need not be today. And it might not be, having exited the bias environment back under the noon hour’s 2313.50 high.

Maintaining a break under 2312.75 (being tested now) could correct down to 2309.75 or 2308.50, and still not reverse the trend down.

Getting carried away, and closing under yesterday’s 2307.75 high, would prevent a new trend high close today. That would mean not confirming yesterday’s breakout. It would also mean not exploiting the proximity to a new trend high close on a Friday.

Posted in members-only, Pre-close View, S&P