Market Wrap (recording & summary)

Gapping down Thursday under Wednesday afternoon’s 2793.75 bias environment low would have ensured ending the week-long correction and reversing the trend down. But Thursday’s open was too shallow to indicate anything more bearish planned than backing-and-filling.

Gapping down to 2804.50 bounced 9 points but didn’t avoid triggering the morning’s 2808.75 bias-down signal. The open’s retest launched another bounce, which tested the afternoon’s 2815.25 bias-up signal but barely avoid triggering the afternoon’s 2806.00 bias-down signal. The nonN-bias environment fulfilled the morning’s 2800.75 bias-down target (in the wake of the afternoon’s FOMC policy statement), and its next lower objective at 2795.50. Consolidating back up to 2804.50 suddenly surged up to 2811.00 through the close.

Oversold RSIs at Thursday’s 2795.50 low require an eventual retest, which could visit 2793.75, but it has become too late for that to ensure ending the week-long correction and reversing the trend down. There’s now room down to 2764.50 before suggesting a more substantial reversal may have begun. Meanwhile, at least a retest of Wednesday night’s 2818.00 highs would be likely, if not also resuming the rally to the 2850.00 area.

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