Thursday”s drop satisfied all available

Thursday”s drop satisfied all available selling pressure. Probing above the 2074 bias-up signal without triggering it had put into play a test of the 2062.25 bias-down signal. The afternoon”s low. touched it. Selling pressure was satisfied.

Did buyers exploit that? While the balance of the afternoon eventually bounced, the range”s 2069.25 upper-end held as resistance. Held multiple tests as resistance. Rather than exploit the neutralized sellers, and despite multiple opportunities, the range”s upper-end held. Buyers did not regain control.

There wasn”t much expected of Thursday afternoon”s low-volume environment, anyway. Breaking lower was still possible, and would have been somewhat productive down to at least 2058. Recovering back above 2062.25 from testing 2058 could have formed a very durable near-term bottom. The market likely would have done this, if its intent were to bottom.

Extending down, now, would not have the grace of a swan dive that was possible Thursday afternoon. More likely, extending down would form a gap down at Friday”s open. Resuming Wednesday”s rally above Thursday”s pre-open highs would similarly not be reliable for extending higher without beginning forcibly. But its pay-offf would be new highs.

More details were discussed in the post-market Wrap, its recording linked below.
https://roddavid10.mitel-nhwc.com/join/pcrwpfw

Globex will trade Friday through 1:00pm ET. Following are the overnight links to monitor it.
XP-Friendly: https://www.anymeeting.com/854-371-538
xp UN-friendly: https://roddavid10.mitel-nhwc.com/join/shkphyy

[Friday morning”s XP-Friendly link will be emailed in the morning]