Market Wrap (recording & summary)

The rally’s next higher target at 2765.00-2766.25 wasn’t yet officially in-play. That would require closing above 2743.00-2747.00, which had otherwise contained (actually, restrained) price action since its first test Monday. Breaking higher Tuesday would have rallied aggressively and substantially, but Tuesday didn’t break higher.

Tuesday did gain traction, which at least made a rally likely Wednesday, probably already starting overnight. Gapping up was corrected back under Monday-Tuesday’s highs, but recovered into an aggressive and substantial rally through Wednesday’s close. The 2765.00-2766.25 target was probed before entering the final hour. The was extended up to 2772.50 into the close.

Wednesday gained rally like Tuesday. Not already reversing down before Thursday’s open would be likely to trend higher at least Thursday morning. Unlike Tuesday, the late extension to higher highs may have fulfilled the traction. Any opening weakness shallower than 2765.00-2766.25 would likely recover.

Meanwhile, Wednesday was a breakout from the multi-session range that had formed Monday-Tuesday. A second consecutive higher close would require at least an eventual third higher close. Rejecting Wednesday’s upside traction setup through Thursday’s open or close would bearish.

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