Market Wrap (recording & summary)

Intraday distribution remained alive and well going into Easter/Passover weekend. We wouldn’t know this, if not for optimism also being alive and well, repeatedly gapping up or rallying into big selling pressures. Thursday’s 22-point rally from overnight lows was retraced by 17 points not long after the session’s first hour.

But without even one reversal sustaining a lower low, there remains potential to probe yet higher highs. Wednesday’s 2923.00 gap up, and room for noise up to 2926.50-2928.00 don’t require being tested, but they are attractions so long as sellers haven’t retaken control.

Sellers failed to take control Thursday morning, and not for lack of trying, which told us to expect the drop’s recovery. Which it was, to within 1 tick at 2911.50. The window re-opened for sellers to try again, but they didn’t, as price ranged choppily sideways around 2910.00 into the close.

The week’s final afternoon didn’t provide optimal confirmation to the bearish WedEX. Neither was it invalidated, as price ranged sideways through the afternoon. Trending down through the first half of Monday’s opening 15 minutes of volatility would get a benefit of the doubt for trending down aggressively through the morning.

Have a very happy Easter and Passover… chaRTroom will re-open Sunday night at 6:00 ET.

Details and other markets coverage are discussed in the post-market Wrap recording here.
NO SATURDAY REVIEW THIS WEEKEND DUE TO THE HOLIDAY.