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Pre-close View… Pre-payrolls paralysis. – If, Then… Market Timing

Pre-close View… Pre-payrolls paralysis.

By Rod David | August 4, 2016 - 3:09 pm

SPECIAL NOTE: TODAY’S MARKET WRAP WILL START EARLY, PRE-CLOSE, AT 3:50 PM ET.

Anxiousness ahead of tomorrow morning’s pre-open Employment Situation report had suggested already that the balance of this afternoon would be contained within the range so far. In fact, the noon hour’s high peaked within 3 ticks of the 2164.25 overnight high

The afternoon’s bias environment duplicated yesterday’s behavior, generally. Trending down to 2156.75 bottomed at the bias environment’s 2:30 exit, firming into the final hour’s entry at 2159.00. Weak-handed sellers did not gain traction.

Yesterday that firming extended through a buy signal to target a fresh high. The setup’s counterpart today would be triggered above 2159.75. Meanwhile, holding 2159.00 does leave the door open to dipping deeper today.

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