Market Wrap (recording & summary)

Haven’t seen a “Wreversal Wednesday” in awhile. Maybe we didn’t see one this week, either. Usually the initially compelling leg is developed during the morning, before reversing more substantially into the afternoon. Wednesday’s decline developed overnight, and the entire session was spent retracing it. We’ll still give it a benefit of the doubt and expect some upside follow-through.

That is, unless Thursday’s open is weak and weakens. A weak open in itself would still be entirely capable of retracing and reversing up to extend Wednesday’s recovery. But opening lower and extending down could instead start rejecting Wednesday’s recovery.

Reversing down has room down to 2713.00-2717.00 while still being recoverable. The 3-day holiday weekend’s flat-to-higher influence makes trending any deeper difficult. But not impossible. Especially since Tuesday night’s drop suggests overnight sponsorship is both productive and bearish, and the 3-day U.S. holiday increases the Asian and European influences.

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