Market Wrap (recording & summary)

Wednesday and Thursday’s consecutive similar sessions gave us clues to help react during Friday’s session. Both sessions had gapped up, eventually trending up sharply, into an after consolidation at a next higher objective. Another sustained intraday rally became unlikely.

Now the next two consecutive sessions have behaved similarly to each other. Rallying through the open and extending to their bias-up targets, then reversing into negative territory through the afternoon. Another failed morning rally is unlikely.

But a failed probe lower is possible, like after fulfilling “unfinished business below” at Monday afternoon’s 2721.50 bias-down target. Extending lower is possible, too, like probing Thursday afternoon’s low under 2713.00. Another rally leg is also possible, but a corrective bounce could be limited to 2737.50.

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