Wednesday afternoon”s buyers made an

Wednesday afternoon”s buyers made an effort, and they gained traction for it. Sort of. A little. I described it earlier in the previous blog post (here: http://marketfy.com/product/rod-davids-futures-market-timing/blog/1176/view/87998/), which was sent after that setup had plunged 3-1.2 points to 2105.50. It then extended down to 2103.

2105.50 was the unfinished business left outstanding at Tuesday”s close, and 2103 was the room for noise under it. Both were met on the same day and rejected by the same close. In fact, bouncing into and out of the close probed the late plunge”s 2109 origin.

Meanwhile, Wednesday formed “ineffectual pessimism” by gapping down, spending the entire session in negative territory, probing prior lows, and retracing the afternoon”s fresh low. The setup often resolves by gapping up. Simply not gapping down would help to confirm that Wednesday afternoon”s buyers gained traction.

Perhaps now the unfinished business above can be neutralized. Wednesday morning”s rejection of both bias-down parameters put into play 2115 and 2120.25. Tuesday morning”s no-bias trending requires revisiting 2117.50 if not also 2118.75. And Monday afternoon”s 2128.25 bias-up target requires an eventual test, too. Presumably, all on the way to 2136.25 or higher.

None of which precludes extending down even deeper, first. Details and other markets coverage were discussed during the post-market Warp here:
https://roddavid10.mitel-nhwc.com/join/fbkhyzm

I”ll be checking the chaRTroom during overnight Globex action, which you can monitor here:
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