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

Post-market Wrap (recording & summary)

By Rod David | July 5, 2016 - 4:44 pm

Last week’s tremendous recovery of the Brexit reaction had been vulnerable to a pullback at any step of the way. By Friday, its potential was to 2076.00 or 2071.00. On Monday, it reached 2072.50.

Despite recovering intraday to 2083.50, it’s probably not a durable bottom. Recovering a little less a little earlier would have been more credible as strong-handed. So, retesting Tuesday’s lows before resuming the rally would help to launch the next upleg.

The next upleg remains likely to develop. The pullback into Tuesday’s lows originated from having closed Friday above 2089.75. The reward of probing the pre-Brexit high back to 2125.25 remains outstanding, and fulfilling it from this unfinished bottom would be doomed to failure.

Details and other markets coverage are discussed in the post-market Wrap recording here.

Monitor overnight Globex trading in the chaRTroom here.

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