Market Wrap (recording & summary)

Did Wednesday’s buyers succeed where Tuesday’s buyers had failed? Tuesday’s late low filled the gap down to last Wednesday’s 2435.25 close. It was tested late and not rejected. Wednesday filled the gap back down to Friday’s 2430.50 close. It was done overnight, late-morning, and again in the afternoon. That’s much more time to have broken lower, if that were the market’s intent. Right?

One element still missing is the actual rejection. Buyers must produce a close back above a prior high to indicate that new sponsorship has arrived. Any shallower recovery attempt has succeeded only to chip away at support.

Thursday’s buyers could succeed where Wednesday’s buyers failed. Gapping up above Wednesday morning’s 2440.00 high could serve by proxy as if sponsorship had arrived already Wednesday afternoon. Otherwise, the pattern is vulnerable to already greeting the open probing fresh lows.

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

Monitor overnight Globex trading in the chaRTroom here.