Market Wrap (recording & summary)

There has been no bullish reason to revisit 2563.75 since its last test produced a fresh high. Breaking lower can still be avoided if the test is isolated. Wednesday morning’s test was isolated to the opening 15 minutes of volatility. At least, the air pocket below 2563.75 was contained within that window and to its 2557.50 objective. The 10:15 and 10:30 windows were testing 2563.75 as resistance.

Sellers weren’t rejected any more or any less than when Tuesday’s initial dip held its 2566.75-2568.50 objective and only only bounced to test 2570.00 instead of recovering it. Bounces are still possible, but they’ve been originating from a position of weakness, dooming them to failure.

A higher low at 2560.00 Thursday — instead of first rejecting a fresh low — could launch more than a bounce. But any initial selling must still be recovered above a relevant level through a relevant window to form a position of strength. Alternatively, gapping and trending higher through 2574.00-2577.00 would also be bullish, leaving a retest of this week’s lows outstanding until next week.

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

Monitor overnight Globex trading in the chaRTroom here.