Market Wrap (recording & summary)

The new year’s second session began with a second gap down, after probing the intraday lows overnight. Tuesday night’s 2452.00 low was lower, but it was probed Thursday morning. There was a second recovery back above “higher prior lows,” which was maintained Wednesday, but Thursday’s resistance held as resistance.

Of course, buying pressure was pretty well expended. The resistance of Thursday’s higher prior lows was tested by a 42-point rally from the 2447.00 morning low up to 2489.00. Which was retraced almost entirely to attack 2448.00 during the final hour.

There the market sat through the close, paralyzed by anxiousness ahead of Friday morning’s Employment Situation report, more so than by Capitol Hill theater. Stopping optimistically short of touching or piercing the morning’s low suggests at least an overnight dip is likely. But a bullish resolution all but requires greeting the open already rallying to and/or through Thursday afternoon’s ~2474.00 high.

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