Market Wrap (recording & summary)

Recently expanded volatility had suggested the market was beginning to argue more aggressively with itself. More obvious trending attempts would be made, but not necessarily would they succeed. Which is why Thursday’s “dry cleaners morning” was surprising.

The balance of the session compensated. Hardly waiting for the bias environment to come within view of lapsing, the otherwise narrow range started sliding from 2671.00 down to 2664.50. Its 61.8% retracement up to 2668.50 reversed down through the noon hour, triggered noN-bias, and extended down through the bias environment to 2654.75.

Oversold RSIs at the low didn’t prevent bouncing 7 points to attack 2662.00. That was only 2-4 points short of levels whose recovery through the close would have been a compelling hold-long. That’s one way to reverse up. But the last half-hour dropped to retest the low and neutralize its oversold RSIs. That’s another way to reverse up — if followed by recovering a relevant resistance.

And that’s the missing ingredient to a rally — a buy signal. “Unfinished business above” at 2677.75 is already outstanding. That’s *only* 20 points above, with a bearish WedEX afternoon impending. The most credible catalyst would be a reversal of the news that supposedly triggered Thursday’s drop. Not yet recovering through the morning would be difficult to recover before Monday afternoon.

• Details and other markets coverage are discussed in the post-market Wrap recording here.
• Monitor overnight Globex trading in the chaRTroom here.