Market Wrap (recording & summary)

The two influences competing with each other at Thursday’s open were still competing with each other at Thursday’s close. Probing under Wednesday’s intraday range was isolated to the overnight, even after trending down throughout Thursday afternoon. Also influential for a fourth consecutive session was the early rejection of early strength, as in trending down throughout Thursday afternoon.

Did I mention that Thursday afternoon trended down throughout? It held a test of 2701.50, which must hold as support to maintain that this is all a temporary pullback. Meanwhile, the Isolation setup would be well-served by Friday maintaining a gap up above Thursday afternoon’s 2720.00 bias environment high or noon’s 2731.00 high. Trending up into and out of weekend would be possible.

Meanwhile, there’s Thursday afternoon’s downtrend, which should be mentioned. If the market isn’t yet conditioned not to rally early, then another rally would be that much more credible. But, a rally that is maintained — like a gap up — without already reversing down as the open or bias timing window lapses. The next break under 2701.50 could be the next downleg getting underway.

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