Market Wrap (recording & summary)

Best wishes for a continued Happy Passover and Happy Easter weekend.

Thursday’s pre-open dip under Tuesday morning’s 2333.50 low was recovered enough to avoid gapping down under it. It was still a gap down, but the likely consequence of not extending down was to rally through the morning.

Reversing straight up did probe Wednesday afternoon’s prior high by 1 point to 2345.00. And then hovered there, waiting for the morning bias environment to lapse. Then it was straight down. The 2327.25 objective was thoroughly tested, and still being tested at the close.

Trending down into the close enables a “session-long rally” setup to form by gapping up Monday above Thursday afternoon’s 2336.25 high. Gapping up and extending through it would qualify. The setup would be more reliable overnight than after a weekend (let alone a holiday weekend). Retracing back down through the open from gapping above it would only resume the decline.

Trending into a holiday weekend isn’t usual, but usually reflects weak hands. Extending down anyway would next target 2321.00 and 2311.00. Recovering from their test would remain possible, but decreasingly likely. A lot of unfinished business above has been left outstanding, which also tends to identify weak-handed sellers. But that hasn’t much affected the trending.

Details and other markets coverage are discussed in the post-market Wrap recording here. [Apple iPhone and iPad users must view through the Puffin Browser.]
[The older format can be viewed here. Please report any issues with the newer format before we switch to exclusively after Monday.]

See you Sunday night in the chaRTroom here when Globex re-opens.