Market Wrap (recording & summary)

Thursday’s 2606.00 open was a 9-10 point improvement from the overnight low, which had held a test of ~2598.00 “lower prior highs.” Post-open action immediately resumed the overnight recovery, with a complete recovery to 2626.00 being the reward for having held the lower prior highs. Attacking it coming out of the noon hour helped to trigger the afternoon’s bias-up.

No sooner had the 2630.75 bias-up target become unfinished business, when a China trade headline triggered a surge to 2645.50. Its correction was hurried by an explicit denial of the original news. Reacting down 20 points was still recovered to close at 2635.00-2636.00.

Tuesday’s confirmed breakout had required an eventual third higher close, which is now neutralized. Not without creating new upside attractions. Simultaneously overbought 1-minute and 3-minute RSIs at the high require a retest. And closing above 2626.00 puts into play the rally’s next higher objective at 2656.00, which can be invalidated by exiting Friday’s open back under 2626.00. Overbought RSIs can be neutralized overnight, and the higher objective can be invalidated at the open, without interfering with WedEX’s bullish influence.

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