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

Market Wrap (recording & summary)

By Rod David | January 31, 2017 - 4:33 pm

The bias environment was exited under the noon hour’s 2268.50 high. But the final hour was entered at fresh afternoon highs to 2271.00. Extending higher through the 3:10-3:20 proxy window would have confirmed traction was gained. It didn’t, but that didn’t prevent extending higher to attack 2277.00 through the close.

The cash session close equated to 2275.00. Again. Not recovered, not broken, by a weak-handed rally. Again. Vulnerable again to reacting down overnight, overcome if extended higher overnight. Again.

Any near-term trending should be obvious before the open, before typical anxiousness ahead of the afternoon’s FOMC statement. The nearby attraction below at Monday’s oversold RSIs is met and held. “Higher prior lows” back to last Thursday and Friday’s 2287.00-2291.00 could both attract and repel price. So, there’s plenty of room for action on Wednesday.

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