Market Wrap (recording & summary)

There’s a lot of symmetry in the swings that comprise Thursday’s session.

Thursday’s gap up to 2729.50 was 6 points off of the pre-open high, and on its way down another 12-1/2 points to the session low at 2717.00. Still, rallying into and through the noon hour probed the pre-open high by 2 points up to 2737.50. The retest of overnight highs held, and held the range for noise.

Reacting down after the FOMC Minutes release fell another 12-1/2 points to 2725.00 and recovered entirely again. Then a last-minute push coming out of the position-squaring window got another 2 points higher to 2739.50.

All of which is still an inside day compared to Tuesday. So, Tuesday’s downside momentum has yet to be reversed. And having trended up into the close, gapping down Friday under Thursday afternoon’s 2725.00 low would form a “session-long decline.” Otherwise, there’s still a little room for noise above before suggesting the 2750s and maybe low 2760s are in-play.

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