Market Wrap (recording & summary)

Thursday afternoon’s 2470.50-2474.50 range overlapped or was supported by Wednesday’s 2471.00 cash session high. The closing bar was overlapping it, too. If it’s confirmation of Wednesday’s breakout, then it’s not optimal. No higher close is required.

Probing higher highs is possible. The 2476.25 “new Globex trend extreme” requires an intraday retest at some point. Closing near it in its orbit doesn’t make its near-term test any likelier. Similarly, closing further away from “unfinished business below” at 2463.50 doesn’t make it less likely to be tested first.

Regardless, trend extremes don’t usually form into expirations. And the bullish WedEX already suggests an upward afternoon bias Friday — from what level, we don’t yet know. An overnight or morning drop that neutralizes 2463.50 would help to clear the way to trending up into and out of the weekend. Simply extending higher without another detour down might be inhibited.

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

Monitor overnight Globex trading in the chaRTroom here.