Tuesday afternoon”s 2088.75 bias-down target

Tuesday afternoon”s 2088.75 bias-down target could have been the drop”s low. Maybe it was. A probe under it was largely recovered, but never reversed back up. Lower lows were probed down to Thursday afternoon”s “lower prior highs in the 2083.50 area.

So, how would trading down to 2083.00 qualify 2088.75 as the low? Because that last downleg began after 3:20, which is too late to be sponsored by strong hands. Recovering its 2091.00 origin at (or before) Wednesday”s open would reject the late extra dip. That would be appropriate if the drop were only a detour along the path to “unfinished business above” at 2102.00 and 2010.25.

We don”t yet know whether the drop is just a detour. If it intends to retrace the rest of last Wednesday”s FOMC reaction to 2061.50, then it should start by gapping down under 2079.50. Here”s more detail in the post-market Wrap recording:

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