Market Wrap (recording & summary)

Wednesday’s close above 2703.00 had put into play 2722-2727, which was already tested Thursday. Breaking beyond either end of the 2722-2727 range would be likely to trend in that direction. There’s no timing requirement to resolving the range. Obviously there’s not, as the targets’ morning tests bounced to either side of the 2722-2727 range through the close.

Sliding through the cash session close attacked the 2722-2727 range’s lower-end. It held, but it had already become too late for a break to be relevant. And that was after another effort to break lower had held 2724.50 through the proxy window.

Perhaps the late-afternoon’s weakness was caused by anxiousness ahead of the next morning’s Employment Situation report. Trending back up Friday morning could resume the rally, although still being vulnerable to reversing down into the weekend. Already trending down overnight might extend, but would leave a gap back up to Thursday’s close wanting to be filled.

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