Market Wrap (recording & summary)

Extending Wednesday’s rally through the close had quickly peaked at 2655.00 into the Globex open. An overnight dip seemed deep, it measured 15 points down to 2639.50. But it stopped 3 ticks short — optimistically short — of touching the 2638.75 cash session close. And overnight higher were recovered almost entirely into Thursday’s open. A shallower 9-point dip post-open was quickly recovered to extend the rally sharply higher. Potential up to 2677.00 was exploited almost entirely Thursday’s afternoon. The final hour’s dip targeting 2664.00 held its test to avoid reversing momentum down, and already recovered up to 2674.00.

Not bad, for a corrective bounce. Which continues to be my interpretation of the rally from Wednesday morning. Its retest of Tuesday’s low. Potential up to 2677.00 can be expanded by at least 1 point, at least for the purpose of defining fresh highs, and still maintain a correction’s measurements. Barely.

Thursday afternoon’s rally gained traction by exiting the bias environment above the noon hour’s high and then entering the final hour above the bias environment high. So, probing fresh highs Friday morning is likely, especially having absorbed a late pullback to 2664.00. Extending higher into the afternoon could put into play higher objectives at 2693.00 and 2703.00. The correction would more likely trend back down during the afternoon, and possibly throughout, regardless of whether the morning had probed fresh highs.

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