Market Wrap (recording & summary)

Almost literally exploding higher post-open Wednesday would have made the morning likely to trend up, and for that to be the result of a durable bottom. The alternative was backing-and-filling, which was the resolution to not extending higher from gapping up. Which didn’t prevent exploding higher later — reflecting the same market conditions as were suspected at the open, but not assuring a particular resolution.

The short-squeeze into the close rallied 20 points up to 2745.00 during the final hour. This attacked the 1-2 week old highs, now likely at least to be probed. Regardless of that, reversing down would essentially target “lower prior highs” at 2707.00, holding its test to maintain the rally’s traction. Just extending higher is no less possible than was Wednesday’s final hour surge.

Confidence that a bottom is forming isn’t nearly is high as if the explosion weren’t delayed past the open. But the burden of proof remains on sellers, or else the trend remains up.

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