Market Wrap

Friday held within Thursday’s range. The entire session was within proximity of new highs, let alone a new trend high close. Bot exploiting the opportunity is not patience, not even on a Friday. No unfinished business was created, and none is left outstanding in this area, or above it — only below.

Details and other markets coverage are discussed in the post-market Wrap recording here.

Join us Saturday morning to look more closely at current patterns and their implications and potential paths, along with gaming out Sunday night and Monday morning strategies. We start at 9:30 am ET in the chaRTroom here.

Thursday’s final hour entry flubbed the chance to confirm a sell signal under 2182.25. Its reaction up pierced a fresh high, coming once again to within 2-3 ticks of 2185.50. Rather than exploit the breakout attempt, price reversed back down into the afternoon’s range, probing a fresh low at 2180.25 after the cash session close.

That late fresh high was an opportunity to launch a new upleg, and was also flubbed. There seems to be very little short interest available to be squeezed. Pessimistic shorts would be bullish from a contrarian perspective. This is not. But it’s also not a sell signal — not yet..

Details and other markets coverage are discussed in the post-market Wrap recording here.

Monitor overnight Globex trading in the chaRTroom here.

Wednesday trended down the 2179.00 open’s gap up to the afternoon bias environment’s 2168.00 exit.

Although not required to extend down deeper Thursday, it’s possible. Unfinished business below at 2171.00 was neutralized and held as support through the close, a not-so-nearby objective outstanding below is 2160.00. And although not required to recover, let alone to recover first, an equidistant not-so-nearby objective outstanding above is 2185.50.

Meanwhile, a topping pattern continues to develop. Not already trending down at Thursday’s open would make another high likely. Already trending down at Thursday’s open could be starting the next downleg.

Details and other markets coverage are discussed in the post-market Wrap recording here.

Monitor overnight Globex trading in the chaRTroom here.

Sunday night’s 2183.00 new Globex trend extreme required a retest. It was retested Tuesday morning, after triggering bias -up. The 2185.50 bias-up target remains outstanding, because a downdraft triggered bias-down and then fulfilled its 2173.25 target to within 3 ticks. Previously outstanding “unfinished business below” at 2171.00, 2160.00 and lower remains outstanding.

Tuesday’s close AT Friday’s close did not qualify as a new trend high close. A new trend high close is required at some point because the last one was on a Friday. But having closed AT the high close, probing Tuesday’s highs Wednesday and reversing down to close under Tuesday’s lows need not wait before extending down. Sharply.

Details and other markets coverage are discussed in the post-market Wrap recording here.

Monitor overnight Globex trading in the chaRTroom here.

Monday wasn’t likely to confirm Friday’s breakout with a second consecutive higher close. Not even if Sunday night or Monday morning were to probe above Friday’s highs. Both Sunday night and Monday morning did probe above Friday’s highs, but Monday still closed negative. So, Friday’s new trend high close still requires at least one more higher close, but it wouldn’t be any likelier to become trending.

Meanwhile, the anchor of Monday’s open — maintaining its gap up above all prior highs through the first 15 minutes — kept its foot on the brakes as price slowly drove downhill Monday. The gravity attracting price down that hill is its 2171.00 objective, which was created in the morning. Not being met the same day makes 1-2 lower attractions likely to be met, too. That’s 2166.00 and 2160.00 from Friday’s pre-open surge and the gap back down to Thursday’s close.

Not extending down Tuesday, and instead bouncing first, would be attracted to Sunday night’s 2183.00 “new Globex trend extreme”, A new trend high close would be likelier than not. But it would have to be aggressive to even begin suggesting a top is not forming.

Details and other markets coverage are discussed in the post-market Wrap recording here.

Monitor overnight Globex trading in the chaRTroom here.