Market Wrap (recording & summary)

A lot of optimism has been expressed ahead of Friday’s Employment Situation report. Almost all the way through the close, but for a late reversal down.

The next higher objective above 2438.00, 2448.00 and 2454.00 was 2469.00. Its early test Thursday coincided with downtrending pivotal resistance, and their influence price down through the morning bias environment to the open’s 2463.50-2464.25 buy signal. Resistance had become support, still in positive territory, as the bias environment began lapsing.

Not breaking any lower would marginalize sellers for the day. Trending back up from 11:30 into noon would confirm. The rally resumed as the afternoon’s no-bias environment began lapsing, extending up to 2474.25. But rather than close above 2469.00 and put into play the next higher objective at 2477.00, a late reversal attacked 2468.00.While rallying to 2477.00 still wouldn’t be enough to disqualify this week’s rally as only temporary, the corrective rally label is getting thin. So, closing above 2469.00 and putting into play 2477.00 would have been only a formality before exceeding the corrective rally limits. Thursday’s close back at 2469.00 keeps the label intact.

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

Monitor overnight Globex trading in the chaRTroom here.