Market Wrap (recording & summary)

Wednesday afternoon’s plunge to 2907.50 cannot form a durable bottom without being retested. We knew this at Thursday’s open, despite it gapping to and through what had been “lower prior highs” at 2914.00, and extending above 2919.00. This downside requirement continued despite extending higher through the bias environment, into and out of the noon hour. up to 2932.00.

And the downside requirement under 2907.50 remains likely, despite already dropping 15 points from Thursday’s high to attack 2917.00. That’s a lot of selling pressure to expend in a short time frame, and to still have downside. But Thursday afternoon’s sellers gained traction — exiting the bias environment under the noon hour’s low and entering the final hour even lower. Friday morning is likely to trend lower, if not isolated to the overnight.

Meanwhile, Thursday’s close did recover 2914.00 and (barely) 2919.00. Probing lower on Friday would originate from a position of strength. Whether done overnight or during the morning, a recovery is likely. Probing lower without recovering would instead point sharply lower.

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