Post-market Wrap

Wednesday’s decline wasn’t satisfied just to retrace Tuesday’s 1952.25 no-bias trending origin and its 1:20 print at 1948.50. The last half-hour slid 24 points to 1935.50.

That’s a lot of selling pressure. Not just its depth, which widened an already wider range than the two prior sessions. But also its slope, which was rushing for the exits faster than any other of Wednesday’s timing windows.

That relentless and substantial momentum may be the most bullish element to leave Wednesday’s session. The drop neutralized attractions below without creating new ones, while sentiment was extreme. Not extending down Thursday would be bullish — but preferably while also gapping open back above 1948.50-1952.25 (basis Sep, 1939.75-1943.00 basis Dec).

Extending down anyway without being required and without unfinished business above outstanding would suggest the decline has something in mind more substantial, and lower. Details and other markets coverage are in the post-market Wrap recording here.

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