Perhaps it was pre-earnings jitters

Perhaps it was pre-earnings jitters that inhibited Monday morning”s rally from extending higher during the afternoon. The cash session dipped to 2092.00, which was as deep as possible while still being considered only noise. Post-close action dipped 2 points lower, which was also within its noise range.

Sellers” afternoon efforts didn”t gain any traction by the time it would have mattered. And then they extended the pullback even deeper, expending even more selling pressure, when it was too late to matter. That”s “ineffectual pessimism,” which is potentially bullish from a contrarian perspective.

Optimally, that bullish resolution would start Tuesday by gapping up above the morning”s high 2097.50 high. An overnight dip could test 2088.00 and then recover 2091.50 to suggest momentum is reversing up already. But opening under 2086.50 would deal a crushing blog to Monday”s recovery, and target a retest of Friday”s low… for starters.

Here”s the recording to Monday”s post-close Wrap:
https://roddavid10.mitel-nhwc.com/join/mjvvrmj

https://roddavid10.mitel-nhwc.com/join/mjvvrmj