Market Wrap (recording & summary)

Overnight action had extended Wednesday’s session-long rally pattern up to 2445.00. Not maintaining the overnight extension above Wednesday’s 2440.50 highs was the only way to avoid probing higher post-open. And it was the only path for the morning to trend down without gapping up 2431.50. And while 2431.50 was likely to define the pullback low, not holding it targeted fresh lows under 2413.50. They got to 2402.25.

2402.25 was tested within minutes of reaching the afternoon’s 2409.75 bias-down target. Its test was fully retraced within minutes, too. That smelled of capitulation, and its reaction up extended up to 2422.50. The “V” bottom left outstanding at the low tends to be retested. But it would likely hold if tested AFTER Friday’s open, being the 5-day holiday weekend.

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

Monitor overnight Globex trading in the chaRTroom here.