Market Wrap (recording & summary)

Trending Wednesday wasn’t unlikely. It was unlikely to extend. And likely to be reversed. The morning’s gap down probed lower, albeit not all the way down to the 2579.75 overnight low, which had probed Tuesday’s low. The morning’s bias-down signal held in time to put into play an offsetting test of its 2589.25 bias-up signal. So, trending or not, the dip became required to reverse up.

And while reversing up, the attraction enabled triggering the afternoon’s 2588.25 bias-up signal. The bias environment ranged narrowly flat-to-higher, steepening its slope slightly into the 3:37 position-squaring window. That proved too much as its reaction dipped back down to test the bias environment’s 2589.00 low. It was too late to be strong-handed sponsorship, and the afternoon’s 2594.50 bias-up target becomes “unfinished business above.”

Wednesday’s late dip back under 2590.50 is interesting, as the close was still overlapping it. Decisively recovering it would have formed a position of strength to help absorb a reaction down Thursday. Prior probes above 2590.50 were also rejected. Since 2600.75 is likely to be tested after fulfilling the 2594.50 unfinished business, reacting back down under 2590.50 would be very bearish. Otherwise, closing any higher would next target 2617.25.

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

Monitor overnight Globex trading in the chaRTroom here.