Market Wrap (recording & summary)

I’m away from the screens one hour early today, so we held an early Market Wrap (linked below)…

Better late than never? Wednesday’s one or two rubber band stretches didn’t resolve Wednesday afternoon or through Thursday’s open. The balance of the morning and the afternoon compensated for the delay. And then some, reversing the morning’s dip from 2609.50 to attack 2650.00.

Of course, the last bit of that was enabled by gentler comments by Trump toward AMZN, sparking a Tech rally. But rewarding the rubber band stretches was already pretty productive.

The delayed rally has also left “unfinished business below.” The morning’s 2625.25 bias-up signal requires being retraced. And so does the afternoon’s 2639.75 bias-up signal. That could be done by Thursday’s close, as Friday Factors make trending more difficult.

Regardless of Thursday’s lower-volume rally, there’s no requirement for its failure or retracement intraday. And there’s plenty of room below to expend selling pressure without it damaging the chart.

• Details and other markets coverage are discussed in the post-market Wrap recording here.
• THERE IS NO SATURDAY REVIEW THIS WEEKEND… HAVE A HAPPY EASTER AND HAPPY PASSOVER! CHARTROOM WILL RE-OPEN SUNDAY NIGHT.