Market Wrap (recording & summary)

We started the day Wednesday with a review of all the “ineffectual optimism” that had been fueling the decline from a contrarian perspective. That’s weak-handed sponsorship, meaning that strong hands were sellers. So, did strong hands already vacate the market earlier than usual Wednesday, allowing weak hands the day’s substantial run-up?

Closing above a relevant level should define the difference between strong-handed and weak-handed sponsorship. And Wednesday did close at or above the relevant levels of 2435.50 and 2538.00. That can be invalidated by gapping down Thursday to and or through 2431.50. Holding a test of 2431.50 would more likely establish a session low.

Keep in mind that volume may remain relatively stable, but actual liquidity — a diversity of opinion, sentiment and motivation — will be thin. Almost like a Friday, the morning’s bias can extend through the noon hour.

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

Monitor overnight Globex trading in the chaRTroom here.