Market Wrap (recording & summary)

Did Europe’s bearish attitude play any part in Thursday morning’s sizable reaction to the North Korea news? The knee-jerk reaction happened early enough that Europe’s influence could be considered. And the second push down under 2714.00 to 2706.00 might have included previously patient sellers no longer awaiting the obligatory probe above Wednesday’s 2733.00 high.

The point is that weak-handed sponsorship was bearish. Knee-jerk reactions to new headlines is already considered to be weak-handed sponsorship. Recovering the entire drop back up to its 2729.00 origin — which the balance of Thursday’s session did — may not be enough consequence, or enough reward to buyers that absorbed them.

Unfinished business above remains outstanding at Thursday afternoon’s 2732.00 bias-up target. Its attraction could help to resume the rally Friday morning, so long as the open isn’t greeted or followed by too deep of a pullback. Fresh highs are still vulnerable to reversing down, as has been the case all week. But this being a Friday, not rejecting opening strength could extend much higher into the weekend.

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