Market Wrap

Recovering the overnight dive was not surprising. Extending down to lower lows first was possible, and at one point it was probable, but ultimately not surprising that it didn’t extend down. Recovering, and recovering so much — probing well into positive territory — not that was surprising.

But not impressive.

Was the window for a pre-holiday corrective dip leveraged by the Turkey-Russia incident, or was it hijacked? The former seems to have run its course a little too quickly to be done. And the latter would keep the door open for another dive.

Volume will start evaporating exponentially at noon Wednesday. That can help to prevent another dive from extending too deeply or for too long to recover anytime soon. Greeting Wednesday’s open already trending above prior highs would suggest instead that the pullback had ended.

Details and other markets coverage are discussed in the post-market Wrap recording here:
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This evening, please try logging into the chaRTroom to help test this replacement, and let me know your experience:
OmniJoin (by Brother)

I had described 2-3 downdrafts through the open, each one shallower — or at least recovering higher — but none gaining traction or reversing the trend up. Dramatic downside finally came, but it originated during a no-bias environment, which was too late to gain traction, itself.

Neutralizing Monday’s “unfinished business above at 2088.00” would neutralize the no-bias trending. A downdraft from there, or without yet bouncing to 2088.00, could influence all of Tuesday’s session. Not reacting down from 2088.00 could drift higher by default.

Details and other markets coverage are discussed in the post-market Wrap recording here:
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WEBINAR SOFTWARE UPDATE: I’ve narrowed down our choices to two. We’re testing one tonight, called “OmniJoin,” sold by Brother. After testing two dozen this weekend, I’m very hopeful that this (or the subject of tomorrow night’s test) will serve our purposes. Please try it, from whatever device or operating system you can, and let me know your experience. Thanks… click below:
OmniJoin by Brother

It’s expiration, so it’s less predictive. But it’s still interesting to note that the afternoon’s sellers gained traction for their efforts. The bias environment exit was under the noon hour low, and the final hour entry was lower. It’s even more interesting in the context of a bearish WedEX.

A passive, late, barely bearish WedEX. Which wasn’t invalidated Friday afternoon, as price trended down — albeit gradually and stuck in positive territory. Nevertheless, that leaves the door open to trending down more steeply Monday morning.

That would suggest another detour is about to begin on the path to new highs. But will it last several days, or just several hours? That, and how deep it can dive, will be discussed in detail during this weekend’s Saturday Review… Its link will be sent later.

Details and other markets coverage are discussed in the post-market Wrap recording here:
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WedEX triggered a passive bearish signal between Wednesday’s highs having tested the 2082.50 prior highs, and Thursday’s open hovering lower.Probes of fresh highs intraday are possible, much like Wednesday’s night’s rally to 2089.25. Probes of fresh highs are also likely to fail, again much like Wednesday’s night’s rally.

And come Friday afternoon, actual downtrending would be likely. Counter-intuitively, Any potential for the signal to invert up would depend greatly on gapping open sharply, whether up or down. The flatter the open, the less potential to invert the passive bearish WedEX.

Thursday left outstanding unfinished business below at the morning’s 2072.00 bias-down signal. The session’s pattern wasn’t accumulative and never succeeded at breaking higher, despite repeated tries. Friday’s open could make up for lost time, if the overnight action hasn’t yet.

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:
non-xp ilinc

The outstanding objective for this stage of the rally was 2068.00. Its test could have been avoided, but it was met, along with prior highs up to 2082.50. No overbought RSIs were left outstanding that might require a retest. The session ended with no higher objective above.

The 3:10-3:20 timing window did trend up to fresh session highs. That confirmed the bias environment’s exit above the noon hour’s high as gaining traction. (The final hour’s entry was still overlapping the bias environment’s high.) This traction tends to be rewarded by trending higher the following morning, but that’s less reliable having trended up so much already.

This being Wednesday of expiration week, the WedEX can trigger. Trending higher into the trigger is the basis for a bullish signal. Testing 2082.50 “prior highs” suggests the following session’s open may yet confirm or reject that. We’ll discuss that point a little more in the morning — it won’t be influential until noon Friday.

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:
non-xp ilinc