Market Wrap (recording & summary)

Thursday’s buyers didn’t need to be weak-handed. The prior session had probed new highs, and overnight action had neutralized “unfinished business below.” And it was neutralized by a break lower that originated too late to be credible for extending down. There was no attraction above, yet Thursday was biased upward, trending up intraday.

Inside days that are biased upward are often the product of weak-handed sponsorship. Their resolution is often to reverse down, having expended buying pressure the prior day without gaining traction for the effort. Avoiding a resolution down depends essentially on attracting reinforcements, which should be obvious by gapping up Thursday.

Resolving down is likelier, for the same reason that rallying Thursday was unlikely — because Wednesday’s new highs were reversed to close under prior highs. We’ll still give a gap up a benefit of the doubt for extending higher, but trending down is likely if not gapping up.

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

Monitor overnight Globex trading in the chaRTroom here.