Market Wrap (recording & summary)

Wednesday was a day of conflicting signals. So although Wednesday is done, the signal it left us may be inverted, too. That signal is a bearish WedEX. The setup formed by testing resistance at 2715.00 and closing back under the 2711.50 lower-end of the structure containing it.

Closing under 2702.25 would have been more decisive. It’s likely to be tested anyway, being “unfinished business” from Wednesday morning’s no-bias environment. Gapping down under 2702.25 would still reinforce the bearish WedEX. Opening above 2724.00 would be enough strength in time to re-qualify the WedEX as bullish.

Oversold RSIs at Wednesday’s 2703.75 low is also unfinished business requiring a retest. Fulfilling it, and preferably also 2702.25 — without breaking lower — would be bullish going into the weekend. Similarly, their break at any time would be bearish.

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