Market Wrap (recording & summary)

Wednesday’s frustratingly narrow 3-4 point range finally started breaking as the 3:37-3:52 position-squaring window opened. And it wasn’t only noise, as fresh post-open highs were probed up to 2267.25. The breakout’s late timing and its shallow measurement undermine its credibility. But maintaining through the close suggests it’s not a false breakout.

Regardless, the proof of a false breakout, or not, will be similar to conditions established for the prior close. The bullish scenario is likely to be an overnight rally, gapping up to extend to new highs intraday targeting 2278.25. The alternative is likely to have stretched the rubber band, so that Thursday morning can snap back and trend down to fresh lows under 2248.50.

WedEX did not form a setup. Its several inputs seldom all present, but a signal can be derived anyway. Its basis is required, which can be trending or intraday probing of a relevant prior high or low. That has not formed in this week’s narrow range so far. Gapping open substantially on Thursday could qualify by proxy.

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

Monitor overnight Globex trading in the chaRTroom here.