Market Wrap (recording & summary)

We knew at Wednesday’s close there was no “unfinished business above” or other attractions to higher prices in-play. The Globex session soon figured it out, too, first retesting Wednesday’s 2818.00 high and then reversing down overnight to 2806.25. The gap down’s opening bounce attacked 2813.00 and quickly reversed down to fresh lows at 2800.25. But the morning’s 2804.00 bias-down target held.

Thursday’s session was choppy, but contained easily within the open’s wide range. Bouncing from 2804.00 tested the morning’s 2811.00 bias-down signal before noon. The noon hour returned down to 2804.00 (amid Trump’s interest rate comments) and bounced again to touch the afternoon’s 2813.25 bias-up signal. The no-bias environment lapsed into another drop that reversed down to 2804.00 at the close.

2804.00 seems to be important.

Trending any lower through Friday’s open would set the tone for extending the drop either to 2791.25 or 2781.00 and 2785.00. Otherwise, rallying back up to this week’s 2818.00 highs is possible, but not required as an alternative to dropping. Only gapping up above Thursday afternoon’s 2813.25 high — after having dropped into the close — would target fresh highs. And that would require invalidating or inverting the afternoon’s bearish WedEX influence.

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