Market Wrap (recording & summary)

You received instructions for updating the Adobe add-on. I’ll provide the link again after Friday’s close, and before the Saturday Review…

[I’m rolling coverage forward to Dec which trades at a 6-7 tick discount from Sep] Wednesday’s post-close plunge wasn’t actually rejected. And it was only eventually retraced. The initial shock to the system and the late rally combined to inhibit the open’s gap up from extending.

The open’s gap u reacted down to retrace essentially all of the overnight recovery, if not the actual overnight low. Another bounce also failed. Firming through the afternoon bias environment wasn’t reversed down, not for lack of trying. Firming again probed fresh afternoon highs after the futures close, too late to gain traction for its effort.

Once again, gapping up above prior highs is required to launch a credible rally Friday morning. Already having rejected two consecutive too shallow gaps up, gapping up again Friday is likely to extend higher. So, not gapping up Friday is likely to trend back down.

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

Monitor overnight Globex trading in the chaRTroom here.