Market Wrap (recording & summary)

Thursday’s bias environment exit disagrees that the bearish distribution template remains intact. Reversing multiple pre-open and intraday bounces back to relevant levels was even confirmed by the noon hour’s fresh post-open lows. But the afternoon bias environment exit was influenced by a giant sucking sound to the north, reacting to news of Nafta partners being exempted from the tariffs.

The 45-minute rally from 2727.75 probed fresh highs up to 2740.50. Then it was right back down 2727.75. Bearish distribution template remains intact.

Monday night’s 2734.50 prior high was being tested at 3 minutes before the cash session close. That was on the way to the cash session closing at 2739.00. Recovering during the press conference — let alone just ahead of the next morning’s Employment Situation report — isn’t much more meaningful than noise. Regardless, not already trending down at Friday’s open will likely extend up to 2753.00 or 2765.00.

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