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

Market Wrap (recording & summary)

By Rod David | October 12, 2018 - 4:32 pm

Did it, or didn’t it. Will it or won’t it. Thursday’s close under 2749.00 wasn’t repeated Friday. But neither was it rejected. Bouncing Thursday night was retraced to retest 2749.00 Friday, and the interim high held. So, the downtrend remains intact.

More so, a lot of buying pressure was expended without gaining traction for the effort. Not an arbitrary amount, but exactly enough to retest the open’s 2779.25 high to within 2-3 ticks. Which would be bearish, had Friday probed a new low. But the burden of proof remains on buyers to gap up Monday, or else sellers get another intraday downleg.

Meanwhile, oversold RSIs at Thursday’s 2912.25 low still require a retest. And now Friday’s bounce from within 2-3 ticks of Thursday’s 2731.75 cash session close seems somewhat obligatory. So, a lot of buying pressure was expended to try avoiding plenty of attractions below. Not already rallying at Monday’s open would likely be because sellers are back in force for the morning.

Details and other markets coverage are discussed in the post-market Wrap recording here.
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Posted in Market Wrap, members-only, S&P