Market Wrap (recording & summary)

A lot of selling pressure went into triggering Thursday’s Globex-flip setup. Probing 10 points above Wednesday’s ~2788.00 highs was reversed to open under the earlier 2784.50 Globex low. The 2778.00 open extended down 9 points to 2769.00 through the 10:15 bias timing window. That’s 30 points under the overnight high, a lot of selling pressure. This is probably responsible for limiting the bearish Globex-flip’s morning influence only preventing a recovery, and not extending down.

Bouncing through the noon hour held tests of the open. More important, the afternoon bias environment did not bounce, signaling that the bearish Globex-flip’s influence would persist through the following morning. In fact, the afternoon trended down to sharply lower lows attacking 2764.00.

A bounce was retraced to retest 2764.00, where RSIs made higher lows. Firming through the position-squaring window began surging to eventually attack 2776.00 at the close. Now a great deal of buying pressure has been expended, during a window not likely to gain traction for its effort, and without recovering a relevant level.

Resuming the decline would next target 2753.00-2757.50, and then 2730.00 to fulfill the Isolation setup’s objective. Gapping up above Wednesday’s 2788.00 highs would suggest the 2798.00 “new Globex trend extreme” retest was underway, first.

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