Market Wrap (recording & summary)

Thursday morning’s rally was likely to test 2841.00, potentially extend to 2846.00, and then probably correct. The rally tested 2846.00, extended to 2852.00, and then corrected. Perhaps the morning’s extra upside is responsible for a lack of afternoon buyers to resume the rally. Its correction down to 2838.50 was rejected by a last-minute surge through the close attacking 2846.00.

Even without the last-minute surge, Thursday’s prevailing uptrend wasn’t reversed by the afternoon’s downtrend of lower lows and lower highs. Neither did it resume. And buyers didn’t gain traction for the morning’s effort, since neither the bias environment exit nor the final hour’s entry recovered a prior high. So, trending higher without delay Friday all but requires gapping up, optimally above the afternoon’s 2849.50 high.

Thursday afternoon’s sellers also didn’t gain traction for their effort, since exiting the bias environment under the noon hour’s low was never confirmed by another window. But positive territory puts the burden of proof on buyers, so Friday morning (if not already overnight) could extend Thursday afternoon’s decline. Under 2835.50 could test 2826.00 before being unlikely to recover.

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