Market Wrap (recording & summary)

Bouncing overnight had been consolidating for hours around the morning’s 2781.50 bias-up signal. The open didn’t trigger it, requiring the offsetting test of its 2766.00 bias-down signal. Its break into the noon hour soon tested 2750.00, which held another two tests to define the afternoon’s low. An interim bounce to 2767.00 failed to exploit the opportunity to recover 2758.00, let alone 2770.00, which would have this week’s pullback has ended.

2813.00 and 2830.00-2833.00 are not in-play. They can be reinstated by another accumulative pattern. Or, Thursday’s open can immediately reject the close(s) under 2758.00 (if not also 2770.00).

Wednesday’s low probed into the gap between last Thursday’s 2745.00 close and Friday’s 2757.00-2759.00 gap up. Gaps look deceptively like air pockets because of no prior trading there. Actually, gaps have more friction because no price action has yet chipped away at it. It’s therefore interesting that probing into last week’s gap didn’t reverse up or collapse through it. So, it will also be surprising if Thursday’s open doesn’t resolve immediately one way or the other.

No WedEX triggered. But Thursday’s open could complete a WedEX setup by proxy. Otherwise, there won’t be any likely bias into and out of the weekend. Which wouldn’t preclude there being bias, only a reliably predictive likelihood.

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