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Pre-close View… That unstable base. – If, Then… Market Timing

Pre-close View… That unstable base.

By Rod David | January 10, 2017 - 3:02 pm

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

The noon hour’s probe above this morning’s 2271.50 objective to 2274.00 could have extended higher.es_011017_pm But there was no requirement. And 2271.50 was retraced coming out of the noon hour. The upside momentum was not reinforced.

A break lower extended down sharply to 2263.25. That’s essentially yesterday’s low, which is natural support. And the no-bias environment’s probe under the 2266.75 bias-down signal was “no-bias trending” that required being retraced.

2266.75 has now held a couple of tests. Much higher would start to reverse momentum up into the close. Otherwise, almost any fresh low would resume the decline to fresh lows intraday.

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