Market Wrap (recording & summary)

Thursday’s post-open rally was no more impressive than walking from here to there. Unless here to there is along a tightrope. In which case, Thursday’s post-open rally was impressive for not falling.

The 2905.00 open was already 5 points above Wednesday’s high and 15 points above the overnight low. Post-open action initially consolidated, but then surged to 2912.00. Reacting down to 2902.00 was recovered to within 1 tick of the open’s high — stopping pessimistically short, which tends to be bullish from a contrarian perspective. And by the way, dipping only to  2902.00 avoided touching Wednesday’s high, which creates a position of strength, or anchor, that allows a deeper dip to “lower prior highs” at 2897.00 if needed.

If needed. Which it shouldn’t be. The balance of Thursday afternoon ranged narrowly sideways, and already included an extra dip, reducing the potential for another one overnight. Dipping overnight anyway has room for noise down to 2903.00. Meanwhile, Thursday’s rally is likely to resume Friday morning. And since the rally didn’t gain traction Thursday afternoon, resuming it without delay Friday all but requires gapping up.

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