Market Wrap (recording & summary)

Wednesday’s late-morning rally to fresh highs almost came from nowhere. Overnight action was flat-to-lower, the opposite direction from the two prior sessions. Post-open action had extended the overnight dip to 2529.00. Initially. But the morning bias environment ultimately ranged flat-to-higher.

Wednesday afternoon’s failed opportunity to reverse the intraday trend couldn’t have been more productive. Any more productive — probing any lower under 2532.75 — wouldn’t have failed its reversal attempt, and would have ended the day in negative territory. The balance of the session ranged flat-to-higher, until retracing 61.8% of the noon hour’s peak.

Closing above 2532.00 undermines the room for noise above Tuesday morning’s bias-up signal, which was allowable while detouring away from fulfilling its 2520.25 objective.

There’s no less vulnerability Thursday to breaking lower immediately and trending down intraday. No “unfinished business above” is outstanding to ensure recovering, although a retest of Wednesday’s 2538.00 high would target 2541.50.

Meanwhile, we’re starting to track a potential Up/Down-crash setup. Six consecutive sessions of closing higher is stretching the rubber band to either snap back down or else surge sharply higher. At least 10 sessions are needed for the setup. An 8-day streak from Sep 11 stopped short.

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

Monitor overnight Globex trading in the chaRTroom here.