Market Wrap (recording & summary)

Thursday’s session has the appearance of trending down. That’s understandable, being comprised of a series of lower lows and lower highs. The open’s quick surge up to 2675.00 was reversed down through the afternoon bias environment’s 2641.25 low. Trending, yes, but also an entire session of overlapping leg after overlapping leg.

Trend, or backing-and-filling? More so the latter, holding a test of the gap back down to Tuesday’s 2642.00 cash session close.

So, Thursday’s session isn’t very predictive. Except that filling Tuesday’s 2642.00 gap could be a dip too many — since two proxies for the gap at 2662.75 and 2655.00 were already tested, and influential. But any dip can still be recovered, so long as it’s not maintained through a relevant timing window.

A relevant timing window, like Thursday’s close. Which was struggling to hold 2655.00.

Immediately recovering 2662.50 through Friday’s open would be the next available signal that the decline from Wednesday morning’s 2690.50 high had ended. Its objective would be to resume the rally. Almost any delay in recovering would keep alive the vulnerability to retesting recent lows.

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