Market Wrap (recording & summary)

The ES front-month rolls forward at Thursday’s open to Jun, which is trading at a 3.00-3.25 discount to Mar. So, Tuesday night’s low touched relevant support at 2356.50 (basis Jun, 2359.50 basis Mar).

Wednesday afternoon’s dip touched the morning’s 2360.75 bias-down signal, which had become “unfinished business below” that morning. Tuesday morning’s unfinished business above remains outstanding at 2374.25. The next higher objective would be to test last Wednesday’s 2378.50 opening gap up. Retesting last Wednesday’s high would have room for noise up to 2402.50.

Extending higher from this pattern remains possible. Less possible Thursday than it was Wednesday and Tuesday, which had closed back within their prior sessions’ lows. Wednesday did not, instead trending down to 2357.75 before the close. However, overnight lows held the late attack.

Having trended down essentially into Wednesday’s close, gapping up Thursday above Wednesday afternoon’s ~2369.00 bias environment high could form a “session-long rally” setup.  is meanwhile chipping away at the support of “lower prior highs.” Another fresh low at 2354.25 could still be absorbed through a timing window’s exit. But that’s so far from optimal, it might as well be a sell signal.

Details and other markets coverage are discussed in the post-market Wrap recording here.

Monitor overnight Globex trading in the chaRTroom here.