Market Wrap (recording & summary)

Wednesday night’s relentless downtrending to test 2729.00 was relatively shallow. But it still formed a common setup that is vulnerable to forming a substantive low. That could have developed during the open, but for Trump/China trade tweet that triggered a spike up to 2741.00.

The spike was retraced almost as quickly as it had developed, and continued lower to attack 2723.00. Exiting the bias environment back above its entry isolated the lower probe. The delayed effect was the same, launching a rally up to 2754.50, probing 2-week old highs.

The final hour’s dip retraced back under the noon hour’s 2742.00 high and tested the afternoon bias environment’s 2738.00 low. Closing any lower would have invalidated the traction gained by having exited the bias environment above the noon hour’s high and entering the final hour even higher. Retesting Thursday’s high is likely Friday morning — if not also trending above it — so long as a deeper pullback is avoided, or at least erased before the open. Extending the rally would next target 2768.00-2770.00.

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