Market Wrap

Wednesday afternoon’s bias environment ranged narrowly, 4 points either way of 2042.00 (Dec). A last-hour surge tested 2048.00 resistance up to 2050.50. But 2048.00 held as resistance, pushing back down to 2042.00.

Wednesday’s 2035.00 (Dec, 2027.50 basis Mar) support is likely to be retested. It’s not required, but there’s an attraction down to 2030.50 (Dec, 2022.50 basis Mar) . Isolating its test to the overnight, or the open, or even to the morning’s bias environment, would enable the balance of the session to rally.

Meanwhile, having failed to gain traction Wednesday, gapping up Thursday would serve by proxy, and avoid fresh lows.

Details and other markets coverage are discussed in the post-market Wrap recording here:
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The new Omnijoin configuration will be made available again this evening, and I’ll post its link in the chaRTroom if you want to try it then. Meanwhile, monitor overnight Globex trading at:
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Tuesday’s opening setup predicted the session’s choppiness. Actually, it predicted the morning’s choppiness. The afternoon’s narrower choppiness was a bonus.

Nevertheless, the session wasn’t bearish. It did gao down, twice probing fresh lows, and the entire first hour was resisted by the 2060.00 ultimate corrective attraction. Nevertheless, sellers never gained any traction.

The first hour’s range held as support through several afternoon tests. Downlegs were not the product of distribution, but consequences of failed rally legs. Ultimately 2060.00 held as support through the cash session close to avoid putting into play any lower objective. Probing under 2060.00 post-close wasn’t predictive.

Closing above 2065.00 and 2067.00 would have been bullish. Neither buyers nor sellers gained traction on the day, so gapping open in either way Wednesday would be credible for extending in that direction. Up would be attracted to 2088.00. Down would next target 2048.00.

Details and other markets coverage are discussed in the post-market Wrap recording here:
https://roddavid10.mitel-nhwc.com/join/cxsrzxk

The new Omnijoin configuration should be available during the evening, and I’ll post its link in the chaRTroom if you want to try it then. Meanwhile, monitor overnight Globex trading at:
non-xp ilinc

We knew the morning’s decline had likely ended upon meeting the pullback’s 2065.00 corrective target. We also knew the rally wasn’t likely to resume immediately, and not to expect buy signals to be very productive. The rally wasn’t required to resume at all Monday, so it shouldn’t be surprising that only a last-hour buy signal finally extended beyond its first 3 minutes or 3 points.

In fact, that last leg did rally through its 2069.00 buy signal back to the 2074.50 prior highs. And then higher, to its 2077.50 target and higher. Unlike similarly time late breakouts from last week, Monday’s doesn’t require correcting because it is counter-trend. The session earlier was a correction. So, presumably the rally has resumed — or still want to resume.

Details and other markets coverage are discussed in the post-market Wrap recording here:
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 CLICK HERE for the older version of Omnijoin, which we’re using tonight in the chaRTroom because there wasn’t time Monday to set-up the newer version.

Did Friday’s rally finish correcting the week’s earlier plunge, so that the decline could resume? Or, were relevant levels recovered that invalidate the decline, and allow the rally to resume? A little of both, actually. Which is why this weekend’s Saturday Review will be focused on what immediate price action Monday can differentiate between the two paths, the bigger picture, and to review any chart requests you may have. I’ll send the meeting’s link that morning.

Friday’s action was reviewed with other markets coverage in the post-market Wrap recording here:
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Thursday’s bias environment exit was overlapping 2045.00. The final hour was entered above it, so sellers didn’t gain traction. Oversold RSIs at their 2040.00 interim dip requires a retest. And that  retest is likely to visit 2035.25.

Sellers can regain traction by gapping down. So, unless that lower low is tested by gapping down, its test could be rejected to end the decline. The decline can end for awhile without even retesting the 2040.00 low, and instead gapping up above Thursday afternoon’s 2063.00 high.

Friday’s Employment Situation report would have to find Thursday’s decline oversold in order to react up durably pre-open. The more bullish path higher would visit the fresh lows, first. Of course, with the weekend bearing down, that would risk extending down even more sharply through the open.

Details and other markets coverage are discussed in the post-market Wrap recording here:
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This evening, to monitor overnight Globex trading in the chaRTroom just CLICK HERE.