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The bias-is down, despite the bounce. – If, Then… Market Timing

The bias-is down, despite the bounce.

By Rod David | February 18, 2009 - 1:45 pm

[pay]The 787’00 bias-down signal managed to break at 1:20, and it wasn’t recovered through 1:30. However, it was touched just prior to 1:20 and it was being touched again at 1:30. The lack of a clear break can be attributed to hesitation ahead of the 2:00 FOMC Minutes. It’s not quite paralysis, but it has certainly slowed the pace.

Nevertheless, the 794’25 level’s test held and produced breaks back under 791’50 and 788’50. And follow-through is attacking 782’00. So long as bounces hold any brief test of 784’50, the bias-down target at 780’00 remains in-play. It could offer some obligatory support or bounce, but its retest alone would reflect sustainable selling pressure.

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Posted in Bias-parameters, S&P