Market Wrap (recording & summary)

Thursday’s opening checkpoints indicated a lack of sponsorship, at least for the morning. Actually, that didn’t prevent the open’s narrow range from launching a morning surge. But the sure was contained by the bias-up signal.

That was almost the session’s only semblance of sponsorship, as the afternoon settled into its own narrow range. Thursday’s other trending was during the position-squaring window. Dropping under the afternoon’s 2436.00 sell signal retraced the morning’s surge and closed negative.

The late origin of the afternoon’s drop does undermine its sponsorship as being weak-handed. But the setup is bearish because its retracement undermines the sponsorship of the morning surge’s rally. Unless Friday’s open were gapping up above Thursday afternoon’s 2438.50 high to trigger a “session-long rally,” resuming the decline to the 2415.00 area is likely.

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

Monitor overnight Globex trading in the chaRTroom here.