Market Wrap (recording & summary)

Thursday’s intraday rally from 2248.50 eventually touched 2267.00. It gained traction by exiting the bias environment above the noon hour’s high, and then entering the final hour higher. But it didn’t recover Wednesday’s 2270.50 close, so the traction doesn’t prevent an interim drop.

The traction does help to absorb an interim drop, and to reverse it back up into positive territory. Otherwise, rallying would have required gapping up. Meanwhile the traction helps to limit an interim drop. A relatively shallow temporary dip could test 2257.50 or Thursday’s noon hour “lower prior highs” at 2254.25, and still recover.

A deeper pullback, and a delayed recovery, would still target 2247.50. It was attacked to within 1 point Thursday, but now actually testing it would be difficult to hold.

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

Monitor overnight Globex trading in the chaRTroom here.