Market Wrap (recording & summary)

Wednesday’s opening test completed a bullish setup that all but required retesting the overnight high [view a video description of the setup here]. That was 15 points above the open’s low, and it still was only one of the session’s most impressive features. There was the relentless slope through the morning and into the afternoon bias environment. And there was also the two-hour narrow hovering at session highs.

Of course, relentless steep trending often reflects corrections. Durable trends contain consolidations, backing-and-filling, and generally refuel buyers. An extended tends to mean that the counter-party is granting an easement. Slightly higher highs testing 2461.00 is still a possibility, if not also 2469.00. Even 2477.00 could be touched before reversing down, all within the context of being only a temporary correction.

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

Monitor overnight Globex trading in the chaRTroom here.