Market Wrap (recording & summary)

Wednesday’s close was flat with Tuesday’s 2863.50 close, at least to within 3 ticks. That’s after Tuesday’s close was flat with its open, representing indecision, and classifying intraday price action as distribution.

Wednesday’s open was a little lower than 2863.50. Except for a momentary post-open dip, most of Wednesday’s session developed above 2863.50, making it distribution, too.

And there’s no “unfinished business” above. Again.

Which would be pretty bearish near-term, usually. However, Tuesday afternoon’s slide through the Globex open may have crowded out the organic sponsorship for reversing the trend down. Even the most bearish scenario would have to reward the dip’s buyers with fresh highs above 2874.00 before another downleg could be credible.

Already trending down into Thursday’s open, or reversing a gap up, would be vulnerable to extending down into the weekend. Otherwise, gapping up to and/or through Wednesday’s 2868.25 high would essentially put into play 2883.00.

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