Market Wrap (recording & summary)

Wednesday night’s drop extended to fresh lows just in time to shut the door on a path higher for the open, the Isolation setup. Another path higher was formed by the open blipping down further only momentarily, but its reversal attempt failed. That door was shut, too.

One more path higher has opened by fulfilling the next lower objectives at the three-week old 2652.00 low. A late collapse probed them down to 2642.00, then bounced to 2652.00 before the close. Probing it down to 2627.00-2628.00 and recovering — overnight to form an Isolation setup, or intraday to get squeezed into the weekend — would be the basis. Either setup is entirely possible and yet not often formed.

Closing under 2652.00 again Friday would confirm the next lower objective in-play, a retest of the crash’s lows at 2509-2511.00. Support along the way would likely be only temporary. Being a Friday, the morning’s bias tends to persist through the noon hour. So, almost literally, make or break.

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