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

Market Wrap (recording & summary)

By Rod David | August 28, 2017 - 4:32 pm

Monday’s open mirrored Friday’s gap up, in that both were too shallow to be maintained. At least Friday’s gap up extended higher before reversing into negative territory. Monday’s gap up began reversing down immediately, also eventually probing negative territory.

Negative territory was probed down to 2438.00. That’s relevant support, but it already had an opportunity to launch a recovery. Testing it during the noon hour does keep open the door to recovery, but doesn’t relieve it from needing to gap up. Otherwise, there’s no bullish reason to have retested 2438.00, and its break would target 2427.25-2429.00.

Details and other markets coverage are discussed in the post-market Wrap recording here.

Monitor overnight Globex trading in the chaRTroom here.

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