Market Wrap (recording & summary)

PROGRAMMING NOTE: Friday’s Market Wrap will be held at least one hour early.
REMINDER: There is NO Saturday Review this weekend AND next.

Wednesday night’s rally greeted Thursday’s open at Wednesday’s open, instantly neutralizing its required retest. Paradigms suddenly shifted to the current atmosphere of rejecting early highs early. The entire first half-hour trended down to probe under overnight lows.

Bouncing into the noon hour nearly retested the open — which doesn’t require retest, since it wasn’t above all prior highs. Another drop ultimately fulfilled its minimum objective by probing the morning’s low. Bottoming and then recovering back above prior lows through the 3:10-3:20 proxy window drifted slightly higher into the close.

The bias environment lapsed under the noon hour’s low, and the final hour was entered even lower, so sellers gained traction for their efforts. The late bounce refueled them. All of which must be rejected by gapping up Friday to avoid extending down through the morning — if not also into and out of the weekend.

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