Market Wrap (recording & summary)

Overnight and pre-open selling neutralized two pieces of “unfinished business below” left outstanding from Wednesday at 2703.75 and 2702.25. Neutralizing an attraction usually creates vulnerability to reversing direction. But here it enabled a gap down under relevant support that reinforced the bearish WedEX.

And the gap down also enabled trending down throughout the day. It wasn’t a “session-long decline” setup, but it was session-long decline behavior — every timing window but one probed a fresh low. Ultimately, the 2681.50 afternoon low touched its bias-down target, also filling the gap back to Monday’s close.

The afternoon bias environment exit wasn’t high enough early enough to trigger a short-squeeze. The proxy window was likely on its way to reversing down when a Trump headline triggered a 12-point spike up to 2699.00. Dipping into the close retraced it by 61.8% down to 2691.00.

The bearish WedEX influence is scheduled to begin Friday afternoon. The morning isn’t required to bounce, but may need to, since the headline’s knee-jerk reaction brought in new sponsorship. Regardless, trending in either direction from this setup is likely to begin by gapping.

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