Market Wrap (recording & summary)

REMINDER: I’m away from the screens Friday when the afternoon bias environment begins lapsing at 2:30 ET. There will be no Market Wrap or Saturday Review.

Thursday’s open was greeted by a relentless overnight slide from 2731.00 down to 2712.00. “Lower prior highs” at 2708.00-2709.00 had been pierced before the open, but needed an intraday test for a recovery to be reliable. The open held its test down to 2705.25 and reacted up to 2718.50, but a headline reaction triggered a collapse to fresh lows.

Not only to fresh lows, but to the next lower objective at 2688.00-2690.00. It was tested down to 2685.50 during the noon hour, which held. Its reaction only backed-and-filled up to 2700.00. The last half-hour broke higher to touch the 2705.25 pre-open low as resistance.

Closing back above 2708.00-2709.00 would have signaled that sellers were absorbed, and that momentum had reversed up. By proxy, gapping up Friday above Thursday’s open could be just as bullish and durable. The decline could simply resume, since it hasn’t yet been rejected. And having bounced into the close, gapping down to and/or through Thursday afternoon’s 2689.00 low could form a session-long decline.

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