Market Wrap (recording & summary)

Thursday’s late breakout left outstanding unfinished business below at 2408.00. Extending higher fulfilled the next higher objective above 2415.00 which had been defining the past week’s ranging. Probing intraday above 2424.25 was still being tested as support through the entire afternoon’s bias environment and final hour. That is, until the position-squaring window, which momentarily probed the room for noise at 2428.00 by 10 ticks. Confirming the close on Friday would put into play substantially higher objectives.

The afternoon’s ranging up to the afternoon’s 2426.50 bias-up target wasn’t an optimal or decisive break above 2424.25, not until the final minutes that surged aggressively. And optimistically ahead of payrolls. So, closing higher again for confirmation would be helpful — not for the next objective’s setup, but for being a new trend high close on a Friday. There’s otherwise no intraday timing required for actually trending back down, but trending back down is the likely bearish setup, and not just avoiding confirmation above 2424.25.

The impending pre-open Employee Situation report was an excellent opportunity for cautious backing-and-filling. Instead, the report is being greeted optimistically, and vulnerable to a knee-jerk reaction down or to rejecting a knee-jerk reaction up. Regardless, a top won’t be indicated without closing back within the past week’s range.

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

Monitor overnight Globex trading in the chaRTroom here.