Market Wrap

Holding up through the afternoon’s no-bias environment wasn’t required to resolve Thursday. But resolving up anyway would have targeted 2106.00. It was touched just minutes after the cash session close.

That was pretty quick to neutralize a near-term objective put into play less than 30 minutes earlier. This morning’s 2099.50 target was met almost as quickly. All after gapping up sharply, and then pulling back shallowly.

Optimism. Possibly, excessive optimism.

The rally fulfilled buying pressure intraday. No traction was gained for its efforts. Extending higher Friday before late-afternoon requires the open to gap up.

Overnight action should be interesting as vote results are reported.Higher highs have potential to 2015.00. A reaction down has room to 2088.00.

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

Monitor overnight Globex trading in the chaRTroom here.

Janet, who? Gapping up and absorbing a negligible reaction to Yellen still failed to trigger Wednesday morning’s bias-up signal. No-bias trending above it attacked Monday morning’s 2092.50 high to within 6 ticks.

Remain, what? An anti-Brexit poll reversed that effort, eventually probing negative territory and triggering the afternoon’s bias-down signal. Afternoon ranging probed fresh lows at 2075.25, a compelling hold-short with “unfinished business below” at 2073.75 and 2070.75.

Although not required, a more thorough test of Monday’s 2092.50 high can’t be discounted, or probing above it by another 2 points. Testing 2073.75 and 2070.75 — whether overnight, or early Thursday — would still have room down to 2069.00 before suggesting otherwise.

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

Monitor overnight Globex trading in the chaRTroom here.

Mixed signals: “Unfinished business below” was left outstanding at 2070.75. But pessimism was left unpunished at the afternoon’s 2085.75 high.

One, or the other should be attractive overnight before Fed Chair Yellen’s second day of congressional testimony begins. Now knowing the reactions to this morning’s similar events, we’ll be able to game out the possible scenarios at the morning’s pre-market Tour. Meanwhile, another Brexit poll or two would be influential overnight

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

Monitor overnight Globex trading in the chaRTroom here.

Sellers gained traction Monday afternoon after exiting the bias environment under the noon hour’s low. Already trading 10 points under the morning’s 2092.50 high, attracting new sponsorship wasn’t assured.

But the 3:10-3:20 window confirmed at 2081.00, and the drop extended down to 2074.75. That’s “lower prior highs” from Wednesday’s FOMC session — both before its reaction, and after.

And it’s natural support.

Now that anxiousness ahead of Yellen’s Senate testimony has been discounted, another bounce overnight is possible. Early Tuesday may be difficult, with Yellen’s remarks being released at 10:00am.

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

Monitor overnight Globex trading in the chaRTroom here.