Market Wrap (recording & summary)

Did China steal another rally opportunity? Wednesday’s open had held a test of the 2888.00 earlier overnight low, whose break would have been bearish for rejecting the overnight probe above Tuesday’s 2893.00 high. Not fully forming the setup tends to be as bullish as it would have been bearish, but bias-down triggered in the morning, and quickly met its target.

Surging back up to the 2895.25 overnight high was triggered by a headline, and it was soon retraced to its 2883.00 origin. Wednesday didn’t feel very bullish — certainly not “as bullish as the open’s setup would have been bearish.” Such is the nature of artificial catalysts like headlines. They don’t complement organic sponsorship, but supplant it.

We can only assume that organic sponsorship had intended to resolve bullishly. Which can still develop. And having failed to gain traction Wednesday afternoon, resuming the rally without delay all but requires gapping up Thursday. Not already probing higher overnight would likely already be probing lower, and more vulnerable to trending down.

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