Market Wrap (recording & summary)

Wednesday was not a Wednesday Wreversal. Not intraday. The morning didn’t trend convincingly in one direction, and then reverse surprisingly and more substantially in the opposite direction. That actually describes the overnight action, which all but tested the bias-down target before reversing to the bias-up signal.

Intraday action still ranged widely. And not arbitrarily, putting into play objectives in either direction. But the objectives were left outstanding — “unfinished business” below at 2763.00 protected by natural support at 2767.00, and above at 2779.75 that was attacked to within 2 points.

Forming the sponsorship and counter-trend sponsorship to trigger widely disparate objectives, and to prevent fulfilling either, reflects an unstable market. And that’s the S&P 500. It’s not surprising for the Dow and NDX to be diverging so strongly from each other, as well. S&Ps volatility should expand sharply Thursday, whether ranging more widely or trending sharply.

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