Market Wrap (recording & summary)

Tuesday night’s rally up to 2757.00 had formed a “new Globex trend extreme,” which required intraday retest. Reacting down 10 points to test Tuesday’s highs still recovered the overnight high post-open, and then through it to 2762.00. The bear market rally’s last calculable target at 2751.00 was neutralized, along with its room for noise up to 2757.00.

But was the target rejected. Rallying into the last half-hour attacked 2760.00, but reacted back down to 2751.00 and closed under 2757.00. That late dip prevented signaling the rally’s next higher objective is in-play. Gapping up Thursday above Wednesday’s 2762.00 highs would help to reinstate the upside.

A lot of buying pressure was expended to hover above Tuesday’s highs, and then to probe back above 2757.00. Wasted buying pressure, for not maintaining the late rally. Also wasted for the closing action still overlapping the 2753.00 opening print — which reflects inertia, and often can occur at a trend extreme.

WedEX triggered actively bullish. Maintaining a gap down Thursday under Wednesday’s 2748.00 low could convert the signal by proxy to passively bearish. None of which would influence price action until Friday afternoon, regardless of whether price had rallied or collapsed in the interim.

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