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Pre-close View… There for the taking. – If, Then… Market Timing

Pre-close View… There for the taking.

Noon hour’s fresh highs not rejected. Or extended.

es_092716_pmThe open’s recovery to 2148.00 was corrected by 61.8% down to 2138.50, all during the morning’s bias environment. The noon hour was greeted back at 2148.00, and soon surged to fresh highs attacking 2153.00.

The 2149.00 bias-up signal triggered. Eked higher to touch 2154.00 after 1:20, which confirms the 2155.00 bias-up target is valid. Price fluctuating narrowly since then doesn’t affect the bias-up target’s requirement to be met.

But it might delay it.

The 3:10-3:20 proxy window just closed, and still no new upleg. Back under 2149.75 — being touched now — would trigger a dipper pullback this afternoon, but still be likely to resume the rally.

At least, more likely to resume the rally, than not.

Optimal for the recovery would have been to close yesterday back above 2143.50. Sub-optimal would have been to gap up this morning above 2149.00. Closing today above 2155.00-2156.00 would be preferable, too. Especially compared to closing back under 2149.00, which would suggest today’s bounce was only temporary, and not the pullback from Thursday’s high.