Market Wrap (recording & summary)

Wednesday night’s relatively narrow 2833.50-2838.00 range seemed deceptively calm after comparing it to the open’s attack on 2844.00. But it was the open’s surge that proved deceptive, quickly retracing back down to the overnight range’s upper-end. Rallying into the noon hour was also retraced back down to the overnight range, which supported the choppy afternoon.

All of which developed in negative territory. And all within the range of Wednesday’s position-squaring window surge, which had been triggered by the US-EU tariff deal. Thursday’s overlap of Wednesday’s last upleg has created a position of strength to help recover from a decline.

A decline isn’t currently indicated. There’s only the vulnerability to testing 2829.50, 2818.00 or even “unfinished business below” at 2813.75 in search of strong-handed buyers to extend the rally’s unfinished business above. That includes Thursday morning’s 2848.75 bias objective, the new upleg’s 2873.00 target, and at least an eventual third higher close.

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