Market Wrap (recording & summary)

La plus ca change… Thursday’s 2623.50 opening print was under Wednesday’s last-minute 2629.00 low. And it quickly resolved down, eventually a lot, attacking 2591.00 at the bias environment low. Already bouncing into the noon hour was extended through the noon hour, and then a little higher to 2632.50 at the bias environment high. That was actually probed momentarily by 2 points while ranging sideways through the close, supported by 2623.50… the opening print.

That’s a big tail, as the candlestick chartists would say. A somewhat agreeable open and close, with a substantial interim trending attempt that fails. But it’s also interesting to note that the failed trending was only retraced, and not reversed. Futures settled higher, but Thursday’s cash session close was negative from Wednesday.

Headlines seemed to be forming a theme of formally ending the trade war soon, which may not be a valid read, but helps to explain why sellers became inhibited. Retracing or reversing Thursday afternoon’s recovery remains likelier than to extend it. And when an afternoon that is least likely to range sideways ranges sideways, then a powerful move is likely — perhaps already overnight.

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