Market Wrap (recording & summary)

Thursday’s gap down was due to an overnight slide, but also the product of a pre-open bounce. The slide’s 2416.00 low had chipped away at prior lows, while the bounce retested Monday and Wednesday’s 2420.50 lows as resistance.

The post-open collapse to 2410.25 — testing the 2411.00 renewed bias-down target — established that sellers were strong-handed. Bouncing intraday held a retest of 2420.50 to avoid indicating otherwise. And falling back down to fresh lows proved it.

2411.00 could have sufficed for ending the nearly 3-week decline. Thursday’s reaction up from testing it wasn’t arbitrary, but a complete retracement back to the open. Still testing 2411.00 at Thursday’s close instead of recovering would have sufficed to suggest the decline remains intact. Even more so for closing under it — it was ultimately probed down to 2405.25.

Unless Friday’s Employment Situation report or some other catalyst were to produce an opening gap up above 2420.50 and then some, the next lower objective(s) at 2399.00 if not also 2393.00 are in-play.

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

Monitor overnight Globex trading in the chaRTroom here.