Market Wrap (recording & summary)

A funny thing happened on the way to fulfilling Wednesday morning’s bias-down signal. Its 2851.00 bias-down target was attacked to within only 2 points when price began suddenly reversing up. The bias environment started lapsing after a surge up to 2860.00 and 2861.00, leaving “unfinished business below” at 2851.00.

Assuming 2851.00 is eventually met, the market is likely to compensate for its delay by extending down to the next lower support at 2841.00-2843.00.

Reversing down anytime soon may seem like an odd discussion after extending even higher through Wednesday afternoon. But the 3:10-3:20 proxy window tried, and failed to gain traction. Then a fresh high at 2862.50 was reversed back under the proxy window’s 2860.25 low. Which could have been a compelling hold-short.

And then price collapsed.

Plunging through Wednesday’s close settled 1 point under 2856.00, which had been the overnight low and the morning’s bias signal. The intraday bounce seems more clearly to have been a detour. And 2851.00 seems more clearly to still be in-play.

2851.00 can be fulfilled, and held, overnight. Regardless, gapping up Thursday above Wednesday’s 2861.00-2862.50 highs would resume the rally. Upside potential would still be 2873.00-2883.00.

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