Market Wrap (recording & summary)

Neither of Wednesday afternoon’s bias signals was even attacked before triggering no-bias. But the morning’s retracement continued firming and attacked the 2752.00 bias-up signal to within 1 tick. Would it have broken higher, if not for rumors of US announcing withdrawal from Nafta?

Already reacting down 2 points, the headline triggered a drop that ultimately tested the 2745.25 bias-down signal by 4-5 ticks. The drop began early enough to attract strong-handed reinforcements, but never did.

Wednesday afternoon’s drop was retraced almost entirely up to 2751.00 through the futures close. Expending buying pressure during that otherwise irrelevant window suggests that buyers are weak-handed. Gapping up to trigger bias-up Thursday would at least retest Tuesday’s highs, but otherwise another downdraft would target 2730.75.

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