Market Wrap (recording & summary)

Wednesday’s mid-day ranging was spent chipping away at resistance, somewhat similarly to Tuesday. It wasn’t the session highs, like Tuesday’s 2936.00 upper-end. It was just under the 2945.00 high at 2942.00. But both patterns were chipping away at their resistance, and poised to credibly break higher.

The similarities are glaring when when each bias environment lapsing at 2:30 triggers a collapse on both days — 12 points on Tuesday down to 2924.00, and 16 points on Wednesday to 2925.50.

Both recovered to close back at or above 2928.00-2930.00, preventing sellers from gaining traction. Closing above 2936.00 would have kept alive the upside momentum. So, like Tuesday’s drop, trending up Thursday morning will require gapping up above the prior high. That’s more difficult now than it was Wednesday, which gapped up above 2936.00.

Extending the pullback has room down to the 2919.00 area, while still being within the bottoming pattern. But any lower would start to threaten 2915.50, and under it is a much deeper drop, and consolidation at a much lower level.

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