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Market Wrap (recording & summary) – If, Then… Market Timing

Market Wrap (recording & summary)

By Rod David | July 27, 2017 - 3:03 pm

TODAY’S WRAP IS COMING ONE HOUR EARLY BECAUSE I’M AWAY FOR THE FINAL HOUR.

Thursday’s drop was impressive. Not only for size, but for its productivity. Friday and Monday’s 2469.00 “lower prior highs” were tested. And broken down to the prior week’s lower prior highs and gap at 2458.50. Breaking any lower would start to risk something much more substantial underway.

Closing under 2462.50-2463.50 would signal a trend change. It would be confirmed by not recovering that area Friday, and then require at least an eventual third lower close. Regardless, fresh intraday lows would be likely down to 2455.50 or 2451.00. Closing back above 2469.00 would suggest the drop had ended. At least, that it was bottoming. Probing negative territory Friday morning would still be possible, but likely to recover.

Details and other markets coverage are discussed in the post-market Wrap recording here (which was held one hour early today).

Monitor overnight Globex trading in the chaRTroom here.

Posted in Market Wrap, members-only, S&P