Market Wrap

We were prepared for Wednesday’s drop because Tuesday’s late surge was sponsored by weak hands. By the same token, we’re expecting Wednesday’s late drop to be recovered, because it was sponsored by weak hands, too.

Tuesday’s late surge had waited until the final hour was underway, and buyers had failed already to gain traction. Wednesday’s drop to 2075.00 originated during a no-bias environment, making its sponsorship weak-handed. So, at least its 2091.00 bias-down signal must be recovered.

The 2075.00-2076.00 low had all of the necessary elements for a durable bottom. The price area wasn’t optimal, but RSIs diverged positively and price action was accumulative, so rallying to 2088.00 and 2091.00 is likely. Recovering them would be bullish.

Details and other markets coverage are discussed in the post-market Wrap recording here:
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This evening, monitor overnight Globex trading in the chaRTroom at, while also helping again to test the new platform. Let me know about your experience… CLICK HERE.

Tuesday morning’s 2097.25 high required a retest because both 1-minute and 3-minute RSIs were oversold there. But that’s the only reason why sellers weren’t taken seriously intraday. Just rallying at all post-open was a departure from the two prior overnight rallies that were reversed back down at the open. And the window has been open to resuming the rally.

The session did rally, and not by a little. But its optimism remained tempered, which isn’t bearish from a contrarian perspective. The bias environment exit and final hour entry weren’t trending above the noon hour’s high. And the 3:10-3:20 timing window only pierced a fresh high. So, a bigger rally remains possible.

Only one obstacle remains. Ironically, that obstacle is Tuesday’s very late surge to fresh session highs. Since buyers had not gained traction already, the late surge was sponsored by weak hands. It is vulnerable to correcting, at least to 2093.50 if not to 2091.00 — if at all. A correction can be avoided by gapping up Wednesday.

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

This evening, monitor overnight Globex trading in the chaRTroom at, while also helping again to test the new platform. Let me know about your experience… CLICK HERE.

Monday afternoon bounce to its 2088.00 resistance had expended as much buying pressure as was possible without gaining traction for the effort. Entering the final hour any higher would have resumed the rally, but 2088.00 pushed back to make 2079.00 likely.

Starting that downleg from so high and so late made it difficult to continue attracting new sellers at 2079.00 so near the close. So the last half-hour bounced from 2079.00.

Rallying was likely to resume Monday. If not at the open, then through the close. And if not through the close, then by proxy of gapping up at Tuesday’s open. Monday’s late bounce still had time to extend above 2084.50 but didn’t. Its reaction down did hold 1079.00. Gapping up Tuesday to and through 2086.00-2088.00 is very likely if the rally has resumed anyway.

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

I’ve heard nothing bad about the experience using Omnijoin overnight to monitor Globex action. Here are some tips from customer support today:
o If you’re using an app, be sure to click on “V6” not “V7”.
o Customer support is open 8:30am-8:00pm ET at 858-637-3414.
o Report any difficulties you encounter.
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The vulnerability to trending through post-Thanksgiving’s close, if not the likelihood, is based on there being no counter-trend sponsorship to reverse the prevailing trend. There wasn’t much of a prevailing trend, only a test of the bias-down signal that fulfilled its offsetting test of the bias-up signal. That recovery wasn’t extended high enough to actually be considered trending. Nevertheless, no counter-trend sponsorship emerged, as the session ended by hovering at its highs.

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

REMINDER: No Saturday Review this weekend… I’ll be sending you a description of the new chaRTroom software which we’ll start adopting next week. Access to the other platforms will phase out by week’s end. Their single replacement allows:
o All devices access
o 24-hour connectivity
o Cloaked attendance
o Public chat
o MP4 recording (iPad friendly)
o WinXP compatible
…Thanks to all who have been providing me their feedback. More info to follow.

As much as the Macy’s Parade and bowl games on Thursday, Wednesday’s narrowly ranging session is a traditional part of Thanksgiving. Friday’s vulnerability to drift higher into its early close is also part of that tradition. But the low volume does keep the session vulnerable to reacting negatively to bad news.

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

Globex trades through 1:00pm ET on Thanksgiving, and re-opens that evening at 6:00pm ET. Monitor it in the chaRTroom, while helping to test our new webinar software. Let me know of any access issues and I’ll resolve them:
Omnijoin (by Brother)