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Pre-close View… Playing chicken with chickens. – If, Then… Market Timing

Pre-close View… Playing chicken with chickens.

By Rod David | September 17, 2015 - 2:33 pm

Greeting the FOMC statement optimistically proved quite an understatement. Rallying to 1994.00 had reacted down only 2 points ahead of the news. And then it spiked up to 2000.00.

Then it spiked down and plunged to 1976.00.

That was really a test of the rally’s 1977.00 target which was met yesterday. Back above 1985.00 therefore put into play a test of the next higher target at 1996.00 — never mind that the spike up had already met it. In fact, 1996.00 has been retested.

There is on likely resolution to this pattern. Regardless, this being new trend highs, nothing today can signal the trend reversing down. And if this 1996.00 testing doesn’t contain the rally, then it will have potential for extending up to 2020.00.

Posted in Pre-close View, S&P