Market Wrap (recording & summary)

Thursday’s open was greeted by two potentially bearish setups, the Globex-flip and the Too-late to break. Globex-flip formed by maintaining the open back under the 2681.75 earlier Globex low. But it never confirmed back under Wednesday’s 2674.25 last relative low. And the Too-late setup’s reaction back to the overnight range wasn’t rejected. Sellers didn’t exploit the setups.

The rally’s sponsors smelled blood in the water and swarmed, launching a rally up to 2708.00 by noon. The rally’s next higher target at 2701.00 was met. The balance of the session ranged flat-to-lower down to 2693.00, perhaps inhibited ahead of the post-close AMZN earnings and anxiousness ahead of Friday’s pre-open Employment Situation report. Late comments regarding China trade negotiations triggered a surge attacking 2708.00 through the close.

Closing above 2701.00 puts into play the next higher objective at 2756.00. Thursday’s late surge was early enough to have recovered 2701.00 before coming within 3 minutes of the cash session close. But the late surge was a headline reaction, so a second consecutive confirming close is vital. Reacting down has room to 2656.00-2666.00 before starting to signal the rally is ending.

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