Market Wrap (recording & summary)

Overnight choppiness extended into Wednesday morning, forming a range. It was a wide range enough to represent divergent opinions, and not just noise. Even trending attempts were contained within the range.

The afternoon ranged more narrowly, and didn’t attempt trending in either direction.Breaking the afternoon’s narrow range one minute after entering the final hour was too late to be strong-handed sponsorship. Indeed, the break was brief. Not shallow, but brief. And false. It was retraced entirely, as would be expected of a late break from a directionless range.

But the retracement never actually reversed direction. The range — essentially, Wednesday’s middle —  acted as resistance. Which on its own isn’t bearish. But the morning also recovered from a deep dip, without yet reversing up.

Potentially, these two failed dips are pessimism that will prove bullish from a contrarian perspective. That is, if they’re exploited early Thursday, as was already acceptable Wednesday afternoon. Delaying a rally for much longer would likely be because the decline has already resumed into the long weekend.

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