Overnight’s rally is poised to produce by proxy at Fri’s open what buyers failed to produce at Thu’s close. Even the delayed traction can still signal that Thu’s extra isolated…
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Wed’s collapse through 7843 (61.8% Mon-Tue proxy gap) and 7831 (Mon’s close) down to 7816 had isolated the 7831 test by recovering to 7843’s 7851 counterpart (38.2% proxy gap) at…
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Tue’s Market Wrap referenced two distinct resolutions following the Fri-Tue rally. Underlying S&P cash had finally confirmed expectations that the interim pullback was only temporary by retracing August’s high completely….
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Mon’s relentless intraday rally was as much a reaction to the overnight pent-up sponsorship, as it was an attraction to 10-day-old 7847 prior highs. Resistance there was obvious, having formed…
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Overnight sound and fury, so far signifying nothing… Fluctuating 15-20 points either way around 7779 unchanged, and 5-10 points either way around Fri’s narrow afternoon range, has nevertheless been contained…
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Thu’s sellers failed to gain new traction for their effort when fresh intraday lows were recovered to close back above prior session’ intraday lows. But the burden of proof remains…
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I’m sure this sounded ridiculous: “Wed’s 62-point afternoon collapse from 7767 could be rejected by exiting Thu’s 1st-15 back up 63 points to at least 7768.” But there was more…
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Otherwise, the ongoing lower and lower lows, chipping away at more and more support, are gradually approaching the next lower 7688 attraction. That is making it less supportive, and potentially…
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Mon’s sellers had one bite at the apple, and they have yet to stop chewing. The A.M. window’s probe under Fri’s 7753 low was not rejected by noon. The intraday…
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