Market Wrap (recording & summary)

Wednesday’s record-setting rally had tried resuming overnight. Its 22-point down to 2455.50 was recovered to probe a fresh high up to 2481.50. But that failed, and Thursday’s open was greeted by a bounce from 2422.50. The post-open recovery attempt failed, too, getting up to only 2445.00 before eventually resolved down to attack the afternoon’s lowest target at 2396.00.

That ended the correction of Wednesday’s rally, as anything lower would have returned to new lows. The reward for ending the correction was to probe fresh session highs above 2445.00. That was doubled, attacking 2499.00 through the futures close.

The 9-day series heading toward an Up/Down-Crash setup is now invalidated by Thursday’s second consecutive up-session. Which doesn’t require trending up. But resuming and extending the rally Friday would next target 2525.00 and potentially 2606.00. Resuming the decline anyway would be unlikely from opening only slightly weaker Friday.

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