Market Wrap (recording & summary)

Thursday began by retracing a gap up to touch Wednesday afternoon’s 2557.50 high as support. The session ended by testing Wednesday afternoon’s 2556.00 pivotal high as support. Both tests were recovered back into the range, not back above a relevant resistance. There’s no evidence of Thursday’s range resolving up.

The later dip was barely during the cash session. It originated after having come within 3 minutes of the cash session close. Its recovery was even more detached, coming entirely after the cash session close.

The late recovery was substantial, nearly 7 points. It was also relevant, overlapping the 2561.75 opening print — which the final hour had otherwise narrowly avoided doing. The post-close bounce was almost in time to signal a compelling “hold-short.” Gapping down and trending lower Friday morning is still a risk. Gapping up could render that downside risk moot and marginalize sellers for the day.

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

Monitor overnight Globex trading in the chaRTroom here.