Market Wrap (recording & summary)

Vidi, Veni, Vanished…

Sellers waited patiently for the the week’s fourth consecutive opening surge (of one type, or another). Then they pounced on it and drove price sharply lower by 14 points, quickly. But except for one bar of errant ticks, sellers only fulfilled their downside objective. Their sponsorship disappeared almost immediately, retracing 11 points back up to the open’s high.

Sellers saw the corrective bounce, and triggered a 14-16 point drop to fresh session lows. Their downside objective was neutralized again. And their sponsorship disappeared almost immediately again, too. Two intraday bounces, two intraday drops.

Sellers saw, sacked, then split.

The pattern of distribution into the open’s fresh highs need not repeat Friday. Expending so much selling pressure Thursday without gaining traction suggests the rally will try to extend. But it won’t require any higher close, since closing Thursday in negative territory fails to confirm Wednesday’s breakout. And gapping down under Thursday afternoon’s lows would gain downside traction by proxy.

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