Market Wrap (recording & summary)

REMINDER: I’m traveling next week, and will have a staggered intraday schedule after the Market Tour and opening hour.

Well, that was interesting. And useful, as a reminder of the difference between context and timing. The context was an overnight range at Thursday’s lows, showing no interest in rejecting Thursday afternoon’s plunge. Lower lows were likely, probably down to unfinished business below at 2892.25.

But the open bounced, at least enough to probe above the 2898.25 bias-down signal. And then enough to trigger a buy signal. And then enough to fulfill the bias objective, an offsetting test of the 2907.50 bias-up signal.

And in time to invoke the grace period. Which held the bias-up signal, putting into play an offsetting test of its bias-down signal… back down to 2898.25. Which was probed to fresh lows, including 2892.25, as the contextual clues had suggested.

Such is the volatility vulnerability of thinning volume. It’s a little surprising not have extending deeper to 2884.50 or 2880.25 compensating for the delay. Its test clearly wasn’t necessary to allow Friday’s late rally up to 2906.00 as Canada’s trade negotiator held her press conference. So, the new week will begin with a struggle between an attraction below, and unfinished business above at 2918.00.

Details and other markets coverage are discussed in the post-market Wrap recording here.
NO SATURDAY REVIEW THIS WEEKEND… ENJOY THE LABOR DAY HOLIDAY!