Market Wrap (recording & summary)

We didn’t know it at the time, but Thursday’s session was largely over before midnight Wednesday. 2660.00 resistance was being tested then, and it has been the center of a 20-point range since then. The afternoon’s 2550.00 bias-down target defined its lower-end, and the morning’s 2672.00 high held a retest during the final hour.

If there’s any sentiment to consider from a contrarian perspective, it would be the afternoon’s two dips. Both reversed back up almost precisely from their targets, where selling pressure was satisfied. But the “V” bottoms that formed do not reflect accumulation. Rather, that’s impatient buying, which is potentially bearish from a contrarian perspective.

Regardless of the knee-jerk reaction to Friday’s Employment Situation report, trending through the opening 15 minutes of volatility would be likely to extend in that direction. Friday Factors keep the door open to resolving in either direction.Otherwise, not decisively closing above 2660.00 Thursday undermines the next higher objective at 2722.00. And closing back under 2644.00 would be likely to trend down out of the weekend, too.

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