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

Market Wrap (recording & summary)

By Rod David | April 13, 2018 - 4:32 pm

Friday morning’s test of its 2654.00 objective was isolated during the bias environment. That made it difficult if not also unlikely to be broken. The next timing window capable of breaking it would be the final hour. So, after bouncing to 2668.00, the proxy window’s probe of fresh session lows had the opportunity to break lower. Despite testing 2645.00, the last half-hour bounced back above 2654.00 to 2659.00.

Closing under 2654.00 would have qualified as a hold-short, even over the weekend. The air pocket under Thursday’s lows had been probed down to the structure containing Wednesday’s close. The next probe lower should find another air pocket with only obligatory support at 2620.00, 2604.00 and maybe 2584.00. Then lower.

There’s also a path higher. Considering the steady flow of negative news items being absorbed, a positive development could be a very bullish catalyst. We’ll discuss that during the Saturday Review.

Details and other markets coverage are discussed in the post-market Wrap recording here.
THE LINK TO THIS WEEKEND’S 9:30am ET SATURDAY REVIEW WILL BE SENT IN THE MORNING.

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