Market Wrap (recording & summary)

Tuesday night’s ranging had resolved up almost immediately from the 2687 open. The morning’s 41-point post-open rally triggered bias-up, and fulfilled its 2722 bias-up target when nearly touching 2727.

Then things changed.

Dipping into the noon hour extended down through the afternoon bias environment entry. That stopped optimistically short of touching the open’s low. Potential for a Wreversal Wednesday lapsed as the balance of the afternoon ranged choppily sideways. More so, the last half-hour was entered by a retest of the afternoon range’s upper-end up to 2710.

Then things changed, again. A lot.

The 3:37 position-squaring window started retracing the afternoon’s last bounce, and then some. The afternoon range’s lows were attacked down to 2688 within 3 minutes of the 2679 cash session close. That 31-point drop extended to 43 points into the 2667 futures settle. The “narrow” ranging at Tuesday night’s 2660 low was retraced by 61.8%. (And 2663 is being touched minutes later.)

Two consecutive sessions have probed back above December’s prior highs. Both failed to close higher, and one attempt was significantly higher before failing by a lot. The most bullish element is the very late origin of Wednesday’s last downleg, so its sponsorship may be weak-handed and more easily rejected. But if Thursday’s open isn’t gapping up to resume the recovery, then it’s probably gapping down and targeting a retest of Monday night’s low down to 2509-2511.

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