Market Wrap (recording & summary)

Wednesday’s biggest setup formed before the open, and played out mostly before the open, too. It was the late break from a sideways Globex range. Probing 3 points under it to 2906.00 90 minutes before the open was recovered entirely and then extended up to 2917.00 through the first 3 minutes. Its reaction down to 2910.00 was recovered to attack 2919.00. Almost as much, and no more durable. The balance of the session consolidated back to 2912.50.

Trending would have been unusual for a low volume session. A little deeper retracement to 2903.00 wouldn’t have been unusual, but perhaps the opening surge injected too much optimism. That early optimism did hold a test of the morning’s 2915.25 bias-up signal to put into play an offsetting test of its 2908.00 bias-down signal, which became “unfinished business.”

If not for the holiday’s impact on participation and volume, the rally would have resumed already. It’s free to resume Thursday, or overnight, with or without neutralizing 2908.00, which can be done overnight, too. Deeper down to 2903.00 is still likely to hold, and momentum doesn’t even threaten to reverse down from above 2900.00.

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