Market Wrap (recording & summary)

Sellers needed to control Thursday’s open if they were going to control the morning. They tried — dipping to the morning’s 2858.50 bias-down signal before the open — but that was rejected by the first hour’s surge to test the 2868.50 bias-up signal to its 2869.50 room for noise.

The next hour collapsed to fresh lows testing 2855.00. Was it an anomaly, or a detour, or refueling for the rally? It’s difficult applying any of those labels, when the entire session only ranged choppily at the lows.

A third consecutive session has left no unfinished business above. Thursday even tested and held what was unofficially in-play, an offsetting test of the morning’s bias-up signal. So, once again, trending up Friday morning beyond Thursday’s range would all but require gapping up. A lot. Meanwhile, avoiding a bounce of any sort Friday should begin by trending down into and/or out of the open.

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