Market Wrap (recording & summary)

A retest of Monday’s highs up to 2684.25 was never off the table. Not even after Tuesday’s session of chipping away at support around 2660.00. Those dips had recovered to reflect accumulation, but never recovered high enough to signal that accumulation was getting any more aggressive.

Already rallying overnight and fulfilling potential to 2684.25 could have been overly-optimistic and reversed back down intraday Wednesday. But the morning’s wide directionless chop resolved that problem. Its dip was recovered, this time high enough to signal that the rally was resuming.

Wednesday morning’s chop resolved substantially, as was expected from its measurements and frequency. It fulfilled the next higher objective at 2696.75 upon entering the afternoon bias environment. And that was the close, after the balance of the session ranged around it between 2691.00-2700.00.

The rally gained no traction by exiting the bias environment in the noon hour’s range and entering the final hour in the bias environment range. A durable trend Thursday morning must begin by gapping open. Trending without gapping open would be vulnerable to reversing back through unchanged.

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