Market Wrap (recording & summary)

If there were any single-worded tip to navigating Thursday morning’s wide swings, it is impatience. Multiple signals, up and down, all triggered multi-point moves that were produced within minutes. Even more quickly, the moves were retraced to their triggers and then quickly reversed in the opposite direction. Substantially.

If there were any single-worded tip to navigating Thursday afternoon’s narrow ranging, it is patience. And a lot of it, because the narrow ranging actually began at the morning’s bias-environment exit. At least we knew which way the range was likely to resolve, which would probably be different from Wednesday’s collapse after also ignoring breakout opportunities.

Perhaps the afternoon inhibition / anxiousness was due to AAPL’s post-close earnings (which we discussed intraday would be greeted from a position of weakness). This could have formed backing-and-filling instead of eking higher. The former would have been defensive posturing and potentially bullish from a contrarian perspective. The latter’s optimism was potentially bearish. More so, after fulfilling the minimum requirement to probe Wednesday’s 2737.00 high and preferably touch 2741.00.

Closing above Wednesday’s 2737.00 high would have been bullish, had the breakout been underway prior to ignoring the timely breakout opportunities. Instead, it is potentially bearish from a contrarian perspective. And having stretched the optimistic rubber band intraday, without validation from the post-close earnings, the entire retracement of Thursday morning’s Trump tweet headline reaction is free to be retraced — there may even be an air pocket under Thursday afternoon’s range.

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