Market Wrap (recording & summary)

Retesting Wednesday’s oversold RSIs at its 2877.25 low had room for noise down to 2875.00. Probing it down to 2868.00 may have been too much to absorb before extending down to 2857.00. Or, probing it down to 2868.00 may have been absorbed. The difference is in whether its reaction back up was able to close above a relevant resistance.

It didn’t.

2880.25 was still being overlapped into the close, after 2884.50 had contained the afternoon rally. So, rather than recover these levels to essentially isolate sellers, buyers expended as much energy as possible while still not gaining traction for their effort.

Of course, there’s another difference, made possible by the heightened sentiment ahead of Friday’s Employment Situation report. If recovering relevant resistance is simply delayed, then Friday’s open can serve by proxy. But the standard is higher, like gapping up above Thursday morning’s 2893.00 high. And maintaining it. And extending it.

Meanwhile, Wednesday afternoon’s 2895.50 bias objective remains “unfinished business” above that could attract price higher, and facilitate a test of 2893.00. No unfinished business lies below, so trending down post-open anyway would be that much more bearish.

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