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

Market Wrap (recording & summary)

By Rod David | September 7, 2018 - 4:32 pm

The short-squeeze for Friday afternoon was never actually confirmed by recovering 2884.50 into the noon hour. The bias window’s exit had touched 2884.50, only for a reaction down to 2877.00 to try resuming the rally. The reaction down failed, instead inflecting down under 2877.00 in a knee-jerk reaction down to tariff headlines that tested 2868.00.

Unfinished business above at 2886.75, 2892.25 and 2895.50 would have to wait. Buyers gained no traction for their efforts Friday afternoon, which really should have been evident during the same noon hour window that had reacted down. Gapping up Monday above Friday’s 2884.50 high would serve by proxy, just like gapping up Friday above Thursday’s 2893.00 would have served by proxy.

Meanwhile, a recovery needs to find buyers at lower levels. There is potential down to 2857.00, if not a likelihood for having closed under Wednesday’s 2877.50 low. A corrective bounce up to 2879.75-2881.50 can’t be dismissed, and must hold to maintain the near-term downside potential.

Details and other markets coverage are discussed in the post-market Wrap recording here.
NO SATURDAY REVIEW DUE TO TRAVEL, ENJOY THE WEEKEND!

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