Market Wrap (recording & summary)

Wednesday was the third consecutive session that rejected initial optimism. Consecutive initial optimism alone is noteworthy. Rejecting each is more so, especially rejecting each in the same way — by breaking back under the bias signal just several minutes too late to invalidate it.

Initially, this time was a little different. Wednesday’s 12-point reversal was the most substantial. It also left no “unfinished business above.” And the news triggering it wasn’t a surprise, but details of the pre-scheduled afternoon event (Trump’s tax reform reveal).

One more ultimate difference Wednesday was its intraday recovery to fresh highs. The prior two reversals had to wait 1-2 sessions for their recoveries. Leaking the afternoon’s details accelerated its reaction into the morning. But the afternoon’s surge then expended a lot of optimism to greet the actual news at 2509.25 session highs.

Meanwhile, Wednesday left “unfinished business below.” The afternoon’s surge originated during a no-bias environment. Its 2501.00 bias-up signal should be retraced, if not also its 1:20 2499.00 print. The close was under the open’s high, and under prior highs, so gapping down Thursday wouldn’t require filling the gap back to Wednesday’s close.

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

Monitor overnight Globex trading in the chaRTroom here.