Market Wrap (recording & summary)

Thursday’s gap up above the morning’s 2713.50 bias-up target could have resolved a lot of ways. Exceeding it in time would have renewed the bias-up signal. Reversing down from it and under the bias-up signal would have targeted both bias-down parameters.

But something in between — like Thursday’s opening pattern — was likely to test the 2703.00 bias-up signal as support and either hold it or recover from probing under it. And having probed under it 2788.50, the pattern would likely reward its buyers with a fresh session high above 2717.50-2719.50.

That’s two sizeable moves being signaled before noon, and the session kept giving.

The fresh high promised by the second signal also triggered the afternoon’s 2712.50 bias-up targeting 2725.00. It was probed by nearly 4 points before testing a sell signal down to 2719.50. But fidgety shorts overwhelmed the position-squaring window which surged 10 points into the cash session close and added 3 more into the futures close.

The second consecutive higher close above 2684.00 makes 2753.00-2757.00 even likelier. The WedEX is unaffected and remains intact, likely to influence Friday afternoon and Monday morning bullishly. Meanwhile, a second consecutive afternoon has refused to exploit an opportunity for the rally to rest on its laurels and refuel by trapping shorts, keeping alive the potential for another pullback first.

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