Market Wrap (recording & summary)

Thursday’s open didn’t gap and run like the prior two sessions (making it likelier Friday). It’s open did gap — not as the resolution to or the product of overnight trending, but as a late pre-open breakout. Such setups tend to be retraced back to their origin, and a relevant portion of Thursday’s was retraced, albeit not entirely before resolving down.

Closing back under the morning’s low decisively would have indicated the corrective bounce from Tuesday afternoon is resolving down. Thursday’s close was still overlapping the morning’s low, so we’re not sure the trend is yet reversing down. But the burden of proof was on buyers after probing the morning’s low, and overlapping it doesn’t equate to recovering it.

Regardless of gapping open or not, initial strength Friday would be credible for extending higher intraday. That would mean Thursday was backing-and-filing, and potentially refueling buyers. Oversold RSIs at Thursday’s low may make that difficult unless neutralized already by a temporary overnight dip.

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