Market Wrap (recording & summary)

Wednesday’s optimism lasted longest, and lasted latest. Its last high printed just AFTER the afternoon bias environment had begun lapsing at 2:30. Entering the final hour had retraced it from 2634.50 back under the 2633.75 prior high all the way down to 2631.75.

In other words (or, IN words, actually), not a lot of range. That wasn’t strong selling pressure, and it had become too late for strong-handed sellers to suddenly arrive. Higher highs earned by the morning’s multiple dips into negative territory remained likely, such as the “unfinished business above” at 2635.50.

It was too late for strong-handed sellers, but hovering at the highs had inhibited buyers from exploiting. So, a weak-handed dip to 2628.00 became likely, which was accomplished into the close. Closing under 2631.75 allows fresh highs overnight to fulfill the outstanding objective, and already trend down into Thursday’s open. Recovering 2631.75 and higher through the open may be the only way to avoid trending down.

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

Monitor overnight Globex trading in the chaRTroom here.