Market Wrap (recording & summary)

Firming into Wednesday afternoon’s bias environment already had started suggesting sellers were done. Not only for probing higher, but also for the probe’s timing. The 2404.25 bias-down signal was hardly attacked, and tested only after being too late to trigger. More so, that was in reaction to new from the Beige Book release.

Rallying through the position-squaring window recovered to unchanged. Overlapping unchanged around 2411.00 into the cash session close was then probed through the futures close up to 1 point above last Thursday and Friday’s 2413.75 closes. It’s not very different from Tuesday’s drop being recovered to unchanged, and probing it only when it didn’t matter.

Wednesday’s recovery was probably inhibited by not having dipped deeply enough. The 2402.75 low stopped at least 1 tick optimistically short of actually filling the week-old cash session gap, and at least 1 points short of the futures close. Potential to “lower prior highs” at 2399.00 remains alive. Extending higher Thursday requires the same setup, gapping up above prior highs — now 2415.00-2417.00.

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

Monitor overnight Globex trading in the chaRTroom here.