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

Market Wrap (recording & summary)

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

Wednesday’s close was the third consecutive to end at 2275.00. Following Monday’s opening plunge, that might seem like stability. No, it is indecision. The longer that strong-handed buyers don’t sponsor a recovery, the likelier that another downleg to lower lows will be required. Unless Thursday’s open were to maintain a gap up, a test of 2248.50 has become likelier.

FOMC is now history. Earnings announcements have tapered off. BOE announces its policy statement Thursday morning, and then headline risk can pause. That is, until Thursday afternoon, when markets may become paralyzed by anxiousness ahead of Friday’s Employment Situation report.

Actually, volatility preceding FOMC wasn’t very restrained. Neither was volatility following it. Two attempts to break lower each failed — but, from above the morning’s low, which makes the pattern distributive and not accumulative. So, Thursday afternoon volatility can’t be ruled out. Unfortunately, I will be unavailable after noon to annotate it in the chaRTroom.

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