Market Wrap (recording & summary)

Tuesday’s buyers had not gained traction for their efforts, so only gapping up Wednesday was likely to extend the rally. Rallying anyway would be doomed to failure. An overnight dip took Wednesday’s opening action back down to Tuesday’s noon hour low before rallying. Tuesday’s high was probed twice, and held twice, but the doom was otherwise muted.

The afternoon highs were supported by the rally’s 2813.00 objective as support. The morning’s 2816.00 bias objective held as resistance, after extending to test its room for noise up to 2818.00. Buying pressure is satisfied, and the second consecutive session of testing 2816.75 has avoided recovery that would have targeted higher highs. And buyers again failed to gain traction for their intraday efforts.

None of which is a sell signal.

The WedEX comes close. It triggered passive-bearish, for having held relevant resistance without creating higher unmet targets. Thursday’s open can adjust the signal by proxy, either gapping up and extending above 2818.00, or else extending down under 2809.00. In either case, WedEX wouldn’t be influential until Friday afternoon.

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