Market Wrap (recording & summary)

Wednesday night’s slide began from an overnight surge that had neutralized “unfinished business above” at 2594.50. Gapping down Thursday to 2577.00 extended down almost 31 points to 2363.75. Volatility remains very much alive.

Once again, despite a wide-ranging session, no immediate attraction was left outstanding. The afternoon’s 20-point recovery up to 2584.00 only touched the morning’s high. Both the morning and afternoon highs barely probed back above Tuesday and Wednesday morning’s ~2581.50 “higher prior lows.” Buyers expended all available buying pressure.

An interesting setup developed midday when the noon hour was entered and exited at 2570.00. That was the next lower objective. More significant is that the noon hour probed it temporarily down to the relevant 2363.75. If/When Thursday’s lows are retested, they’re unlikely to hold.

Overnight reinforcements might extend Thursday afternoon’s recovery to fill the gap back up to Wednesday’s 2591.50 close. There’s still room for noise up to 2600.75. Being a Friday, closing higher could be relevant. Being a Friday, Thursday’s plunge could repeat if already underway at the open.

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

Monitor overnight Globex trading in the chaRTroom here.