Market Wrap (recording & summary)

Finally breaking higher into and out of Europe’s opens probed fresh recovery highs overnight up to 2917.25. That was back into the Aug 29 high session’s range, almost filling the gap back to its close, and retracing 38.2% of the range at its intraday highs. The action was just complex enough to be considered a “new Globex trend extreme” requiring intraday retest.

But not necessarily the same day. And not Friday. The open was greeted back at the morning’s 2912.25 bias-up signal, which probed back under overnight lows and into Thursday’s range down to 2907.00. Recovering to 2912.25 stagnated, before collapsing in reaction to a trade war headline. Extending down to 2902.00 coming out of the noon hour finally fulfilled the morning’s no-bias objective.

The afternoon trended back up to retrace the 2912.75 origin of the trade war headline’s knee-jerk reaction. That was also a retest of the morning’s bias-up signal, and a 61.8% retracement of the congestion which had developed there before the morning’s collapse. Buyers once again failed to gain traction.

Details and other markets coverage are discussed in the post-market Wrap recording here.
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