Market Wrap (recording & summary)

PROGRAMMING NOTE: I’M AWAY FROM THE SCREENS AFTER FRIDAY’S OPEN UNTIL NOON. ALSO, THIS WEEKEND’S SATURDAY REVIEW IS CANCELLED.

WedEX had failed to trigger Wednesday. Thursday’s gap up above Wednesday’s range remedied the situation, triggering a passively bullish WedEX by proxy. It influences Friday afternoon and Monday morning, but not Friday morning.

A lot of other upside attractions were neutralized during Thursday’s tremendous intraday rally. And 87% of the drop from last Tuesday’s 2594.50 overnight high has been retraced in a relatively brief period of time since Wednesday morning’s 2555.50 low. Nothing prevents reacting down immediately.

But Thursday afternoon’s bias environment exit did already produce a 6-point dip into the close. And the intraday high came “only” within 1 point of fulfilling its 2590.50 bias-up target. The gap back up to last Wednesday’s ~2593.00 close and the “new Globex trend extreme” above it were somewhat attacked. Probing any higher would have potential to 2600.75.

The gap back down to Wednesday’s 2563.75 close requires being filled eventually. That specific level’s retest is already vulnerable to extending down sharply. So, any potential to retest the highs or at least to firm Friday afternoon would become unlikely if Thursday night or Friday morning were to dip too much.

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

Monitor overnight Globex trading in the chaRTroom here.