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

Market Wrap (recording & summary)

By Rod David | December 1, 2017 - 4:32 pm

Friday morning’s 43-point collapse was cut to 35 points into the afternoon’s bias environment. It was cut to 5 points ahead of the close.

The pattern’s lowest potential objective was touched at the morning’s 2605.00 low. Correcting off of the 2657.25 target didn’t delay extending by interjecting bounces that would have refueled sellers. Pretty much all available selling pressure was expended.

All near-term selling pressure.

Retracing all of Friday morning’s collapse before the weekend would have neutralized the attraction above to its 2648.00 origin. That would have been difficult to defend against renewed selling ahead of the weekend’s impending illiquidity. The Flynn shoe has fallen, all but immunizing the market against more news from that story. And the tax reform vote didn’t happen during market hours, preventing a “sell the news” effort.

Ending Friday flat doesn’t sufficiently reward buyers for absorbing all that near-term selling pressure. Still not rewarding them Monday morning could find that selling pressure has been refueled by the bounce, or re-inspired by weekend developments.

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

JOIN US THIS WEEKEND FOR SATURDAY REVIEW AT 9:30 AM ET. ITS LINK WILL BE EMAILED IN THE MORNING.

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