Market Wrap (recording & summary)

Wednesday’s “inside day” was biased-upward, which often means that its buyers are weak-handed. They can still be productive, if only temporarily. But their rallies aren’t likely to gain traction.

Wednesday’s rally didn’t gain traction. The open’s test of 2466.75 resistance — the morning’s bias-up target — was probed in the afternoon, but held through the close. So, buyers accomplished little.

Gapping up Thursday and extending higher could serve by proxy as if Wednesday’s close were stronger. The ECB meeting is not an inappropriate catalyst. Catalysts can cut either way, and a negative reaction would be likelier to trend down.

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

Monitor overnight Globex trading in the chaRTroom here.