Market Wrap (recording & summary)

Recovering Thursday’s pre-open plunge was the easy part. It was a knee-jerk reaction to a headline. Not an inconsequential news item — impending missile launch by N. Korea — but sold by weak-handed sponsorship. Recovering it, and reversing to fresh highs was the natural evolution.

Extending higher would be difficult while the N. Korea launch was hanging over its head. But the balance of the session only ranged narrowly sideways, similar to the overnight action. Would the rest of the session looked any different if not for the missile rumor?

Fears subside, and no overnight launch might allow Friday to probe fresh highs. Friday afternoon’s bullish WedEX influence could allow morning strength to be maintained or extended to 2500.00-2501.00. The afternoon bullish influence could also enable recovering a morning drop. Breaking down to 2489.00 would likely break lower, potentially to 2477.00. That would have be done quickly to allow time for recovering in the afternoon.

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

Monitor overnight Globex trading in the chaRTroom here.