Market Wrap (recording & summary)

Thursday looked awfully familiar to Wednesday. Not necessarily in form, although another late plunge returned to the lows. More so in function, as the ranging above Monday’s highs persisted, a new bias objective was left outstanding, and the most influential bias was the afternoon’s noN-bias.

Thursday morning’s bias-own signal held its test to trigger late no-bias, but the offsetting test of its
2866.25 bias-up signal was attacked only to 2862.75. So, “unfinished business above” at 2866.25. That’s competing with Wednesday’s unfinished business below at 2852.00, which is likely to be probed down to 2841.00-2843.00.

Wednesday and Thursday’s late plunges help to confirm the downside objective must be resolved before resuming the rally, and gapping up to resume it is less likely. Neither 2852.00 nor 2843.00 must be tested intraday to be neutralized. Isolating one or both to the overnight and opening back within Thursday’s range could already reverse momentum up.

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