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Pre-close View… Readily accepted. – If, Then… Market Timing

Pre-close View… Readily accepted.

By Rod David | March 15, 2017 - 3:08 pm

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

es_031517_pmThe FOMC policy statement announced a thoroughly-telegraphed rate hike. Already having pulled back 4 points from rallying into the noon hour’s 2374.50 high, the news triggered a surge to 2381.00.

Its correction targeted at least a touch of 2375.50, which was then soon tested. A new upleg was launched that attacked 2383.00.

Now 2383.00 has been retested, while at last 1-minute RSI tried diverging negatively. It was still on the cusp of being overbought, so its reaction down to 2380.00 isn’t assured of reversing momentum down.

So, the intraday uptrend remains intact and next targeting 2385.50-2386.25. The attraction back to two-week old highs would start to become tenuous above there. Meanwhile, back under 2379.00 could trigger a deeper drop into the close.

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