Market Wrap (recording & summary)

I missed the fun. Especially for a Friday. Already having extended Thursday’s 2707.00 cash session close to greet Globex at 2688.00, overnight action extended down to 2646.00. Bouncing 26 points into and out of the open quickly peaked at 2672.00, then plunged 44 points to 2627.50.

That’s a lot. But not necessarily too much to continue falling further. It didn’t — not for the morning, and not for the day — as the bias environment was exited at 11:30 above its 2647.00 entry. The interim probe was isolated, which tends to hold on Friday mornings. The recovery extended to 2692.00 as the noon hour ended before another drop attacked 2641.00. The morning’s isolation absorbed the drop and the balance of the session firmed.

Friday developed entirely in negative territory, probing a prior low but not closing under it. Ineffectual Pessimism that could launch a counter-trend bounce if Monday’s open can isolate Friday’s session. Otherwise, greeting the new week in decline could resume the decline — and compensate for Friday’s delay.

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