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

Market Wrap (recording & summary)

By Rod David | February 3, 2017 - 4:32 pm

So long, 2275.00. But, for how long?

Gapping up above prior highs Friday broke free from the four-day choppy ranging that had continually closed at 2275.00. The test of 2275.00 had become necessary last Thursday-Friday when intraday dips weren’t refueling buyers sufficiently to resume the rally. Well, the rally that was launched from four days of testing 2275.00 has only returned to last Thursday-Friday’s “higher prior lows.” So, there’s still no evidence that stretching the rubber band tighter will be any more fruitful in resuming the rally.

Nevertheless, being back in the orbit of last week’s 2299.50 “new Globex trend extreme” makes its retest likely sooner rather than later, unless Monday were to gap back down. Which would target 2275.00, and lower. After all, Friday’s retest of last week’s Island has neutralized its attraction above, and its protection against launching a more substantial drop.

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

Join us at 9:30 ET for this weekend’s Saturday Review. I’ll send its link overnight.

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