Market Wrap (recording & summary)

Trending up throughout Wednesday night tested the 2787.75 intraday high at Thursday’s open. Trending back down from 2791.00 to 2782.75 throughout the entire opening 15 minutes of volatility created a position of weakness. Any rally it produces would be doomed to failure.

But not as of Thursday’s close, apparently. The overnight rally resumed and extended up to 2800.50 through the noon hour’s exit. The balance of the afternoon ranged sideways down to 2795.00 or several ticks lower. But not until the afternoon’s bias-up signal triggered late, leaving outstanding its 2804.00 bias-up target.

Thursday’s closing action was overlapping Tuesday’s 2797.75 highs, including a very last-minute surge that touched 2801.00. Its reaction down after the cash session close fell to 2795.50.

But just touching February’s 2800.75 high — the high of a rally that was later exceeded by the current high — has put into play a test of the 2809.00 and 2813.00 actual highs. That signal’s lateness in the day, and Thursday’s opening position of weakness, do keep the door open to a downdraft before extending higher.

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