Market Wrap (recording & summary)

Is it a bottom? A lot of buying energy was expended from the morning’s bias environment exit through the close, rallying from 2614.00 up to 2700.00. But positive territory wasn’t recaptured, and no traction was gained for the effort.

A couple of important levels did hold their tests — 2626.00 and 2656.00. One or both could be retested naturally to form a more durable bottom. But a credible bottom shouldn’t require any more development than a brief dip. Not recovering from early weakness could find Friday Factors exacerbating selling pressures similar to Tuesday.

Whether or not Friday is another day that lives in infamy, this week will. Getting the Employment Situation report out of the way should free the market to trend in the direction of its next leg.

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