Market Wrap (recording & summary)

Probing fresh lows overnight at the morning’s 2711.00 bias-down target had reacted up sharply, probing above the morning’s bias-up target by an additional 6 points up to 2748.25. And, yet… Rejecting both bias-up parameters put into play a retest of the overnight low that was fulfilled. And then extended, to attack the next lower objective at 2685.00-2686.00 to within 1 tick.

Which could have been the low. Only 1-minute RSI was oversold, so it doesn’t require being retested. Its reaction up recovered the bias environment’s entry, but not until the window had already begun lapsing. So, despite bouncing to 2723.50, the two prior sessions’ “higher prior lows” launched a reaction back down to 2798.00.

This late dip wasn’t too late to form a bearish WedEX. Breaking from within the two prior sessions’ range to close below them makes the signal active — closing back above higher prior lows would have formed a passive bullish setup. Opening high enough Thursday could still trigger a late passive bullish WedEX, but even that might not prevent at least more weakness before a recovery attempt could be credible.

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