Market Wrap (recording & summary)

REMINDER: I’m away from the screens through Friday morning. Market Tour and First Trade will be recorded and sent, but the afternoon Bias Parameters may be delayed.

Thursday’s rally started modestly, gapping up 22 points from Wednesday’s 2657.75 cash session close. Relatively modestly, as that still overlapped Wednesday’s late price action down to 2668.00 before extending higher. And it did extend higher, putting all modesty aside, fulfilling the morning’s doubly-renewed 2695.00-2697.00 bias-up target.

That was quite the boost to optimism. Triggering the afternoon’s tight bias-down under the 2699.25 bias-down signal didn’t prevent rallying through it to 2723.50. The bias environment was exited above the noon hour and the final hour was entered even higher to gain traction.

Still, that bias-down rally required being retraced back down to 2699.25, which a late break attacked to within 2 points, leaving its eventual test outstanding as “unfinished business.” But that was only the cash session close. A knee-jerk reaction to AMZN’s post-close earning miss and lower guidance extended the drop to 2684.00 through the futures close. And, just like that, the downside attraction was neutralized.

Also, just like that, the afternoon bias environment’s 2693.00 lower-end was being challenged, instead of its 2713.00 upper-end. The traction gained by recovering the bias environment’s high can be invalidated by opening under its low. Which isn’t so difficult. So, not already trending down below it Friday could be bullish.

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