Market Wrap (recording & summary)

Is that a bottom? Not yet. Possibly not at all. But possibly.

Thursday’s open was greeted by one of our setups, as a very late breakout had just left the overnight range. The overnight range’s wide double-digit swing might not have resembled a range, but it was had developed exclusively within Wednesday afternoon’s late range. And finally breaking beyond it within 30-60-90 minutes of the open tends to be false.

Like the overnight range, the false breakout was very productive. Wednesday’s attack on the decline’s 2685.00-2686.00 objective was probed by an attack on 2671.00. Which reacted back up to 2711.00. Its noon hour correction could have become another downleg, but held to resume the recovery attacking 2737.00.

Wednesday had closed under the pre-election pullback’s low. A second consecutive lower close would have confirmed the trend extending down. There is a narrow window to leveraged that failed attempt into signaling the week-long pullback is reversing up. Which must become obvious Friday morning if the afternoon’s bearish WedEX influence can be absorbed,

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