Market Wrap (recording & summary)

“Unfinished business below” left outstanding at Monday’s 2414.25 bias-down target got company of sorts Thursday. The morning’s 2434.50 low was accompanied by simultaneously oversold 1-minute and 3-minute RSIs, which requires its eventual retest.

That retest might be done soon. Dipping deeper to 2438.00 Thursday could have served as the pullback’s low. Perhaps it has, but now Friday’s open must gap up at least above the afternoon’s 2444.00 high, and quickly extend above 2446.50. Otherwise, Monday’s 2429.00 “lower prior highs” are the next lower attraction.

And there’s no assurance of holding the next lower attraction, or its room for noise down to 2427.25. The impending weekend’s Friday Factors could exacerbate a morning drop to also test Monday’s “unfinished business below” and lower. Rallying would target the gap fill up to Tuesday’s 2451.50 cash session close and probably higher to also test 2461.00.

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

Monitor overnight Globex trading in the chaRTroom here.