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Trying, trying again. – If, Then… Market Timing

Trying, trying again.

By Rod David | June 3, 2015 - 1:24 pm

Fresh highs retraced to their move”s origin, again.

This morning”s rally to 2120.75 consolidated back down to the 2118.00 bias-up signal as support. Narrow ranging for an hour waited patiently for the bias environment to begin lapsing. And then the selling began.

We knew it was getting late to resume the rally with Beige Book”s release getting closer. But probing under this morning”s 2112.00 bias-up signal does border on overkill.

Despite dropping 10-11 points to test 2111.00 before the noon hour and 2109.00 during the noon hour, negative territory was never threatened. A lot of selling pressure has been expended to reject the post-open rally, but that hasn”t resumed the decline. If an afternoon rally can”t exploit this setup, then the afternoon could be much lower.

Posted in S&P