Market Wrap (recording & summary)

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Higher and higher highs don’t make a durable rally. An uptrend, perhaps. But not maintaining a higher high through that timing window’s exit is only distribution. And eventually distribution produces a downtrend.

None of Thursday’s attempts to reinstate Wednesday’s failed Pivot Reversal had been maintained through a timing window’s exit. The two intraday failures each resolved down sharply. Despite bouncing into Thursday’s close, no prior high was recovered.

Distribution. And “unfinished business above” at 2436.00 was neutralized in the process.

More so, sellers gained traction by exiting the bias environment under the noon hour’s low, and then entering the final hour lower. Gapping up above the 2433.75-2436.75 prior highs and extending higher would invalidate the downside traction. Otherwise, the next lower objective in-play is 2419.25.

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

Monitor overnight Globex trading in the chaRTroom here.