Market Wrap
Post-market Wrap (recording & summary)
The 3:10-3:20 window certainly didn’t trend down to fresh lows. The 2082.25 low was attacked, but not probed. The session’s last 60-90 minutes only ranged choppily sideways ahead of post-close earnings from GOOG and MSFT.
The cash session’s last minute spiked up to 2088.75 and then back down to the afternoon’s 2082.25 low. Breaking lower after the futures close plunged to 2078.75.
Regardless of the post-close plunge, sellers gained no traction Thursday, and no unfinished business below as left outstanding. Unlike the prior two sessions, Friday’s open need not gap up to launch a rally. So, gapping down anyway would be doubly-bearish.
Details and other markets coverage are discussed in the post-market Wrap recording here.
Monitor overnight Globex trading in the chaRTroom here.
Post-market Wrap (recording & summary)
Reacting down from the 2105.25 high fell back to and through 2101.00 and 2099.75 to test the open’s 2096.25 highs by 3 ticks. It was a singular downleg, originating from the high print, so it’s probably just a warning shot. Reacting down from the high’s retest would be more capable of extending down deeply.
Unfinished business below was left outstanding at 2088.25. Testing it first, before retesting the high, would not prevent retesting the high later. And it would be easier to extend higher. So the more bullish scenario is probably down, first.
Details and other markets coverage are discussed in the post-market Wrap recording here.
Monitor overnight Globex trading in the chaRTroom here.
Post-market Wrap (recording & summary)
Ranging sideways through Tuesday afternoon was biased-upward, probing higher gradually higher and not reacting down from relevant resistance. The minimum objective at 2085.25 was touched, and responded to, but not actually rejected.
It’s not upside traction — regardless of exiting the bias environment above the noon hour high. But nothing about it was distributive, so gapping up Wednesday morning to extend higher is possible. Recovering a pullback would be possible, too.
Details and other markets coverage are discussed in the post-market Wrap recording here.
Monitor overnight Globex trading in the chaRTroom here.
Post-market Wrap (recording & summary)
The sum of Monday’s rally was more substantial than its parts, and it contained some very substantial parts:
Reacting up from the overnight low’s test of 2059.50, reacting up quickly from the open’s test of 2067.50, entering the morning’s bias environment back in positive territory and soon following that with a probe above last week’s 2081.75 high… And that was just by mid-morning. The afternoon attacked 2089.00.
But upside momentum may not escape near-term jeopardy — although buyers gained no traction for their efforts, that didn’t prevent eking out fresh highs into the close. Extending the rally higher without delay requires gapping up, or else a pullback to “lower prior highs” at 2076.00-2077.00 would be likely.
Any deeper of a pullback would make near-term recovery difficult, especially if not launched by gapping down. The most bearish scenario would try probing higher Tuesday morning, anyway, without gapping up from new sponsorship, and without buyers already gaining traction.
Details and other markets coverage are discussed in the post-market Wrap recording here.
Monitor overnight Globex trading in the chaRTroom here.
Post-market Wrap (recording & summary)
You know that relatively small trading range since Wednesday that I’ve been referencing? Friday afternoon’s action took place in a relatively smaller range — 5 points — and it was as impressive as any other window.
After probing fresh session lows, the bias environment was exited back above its entry. That is meaningful on any day, much more so on any Friday. On expiration, it fulfills the bullish WedEX signal’s afternoon influence.
And that has implications for WedEX’s influence on Monday morning. Pretty interesting, considering that OPEC is meeting this weekend, and S&Ps and Crude Oil have often trended in unison. But don’t leap to conclusions too quickly, since the bullish WedEX only influences post-open action. Gapping down sharply is still possible, so OPEC members might not reduce output.
We’ll discuss that and more at this weekend’s Saturday Review, stating at 9:30am ET. Look for its link in your overnight email.
Details and other markets coverage are discussed in the post-market Wrap recording here.