Market Wrap (recording & summary)

The week’s earlier volatility catalysts had largely subsided before Thursday’s open. Left to its own devices, intraday price action proved uninterested in resolving to either direction. Two considerable trending attempts overnight had remained within Wednesday’s range. Morning choppiness was restrained by a shrinking range. And the afternoon range was narrower still.

Price action from a narrowing extended range has limited predictive value. But gapping down and ranging exclusively in negative territory suggests that weak hands are bearish, which would mean strong hands are bulls. This factor isn’t predictive, but would reinforce an immediately bullish move Friday.

With the narrowing range behind, and weekend illiquidity ahead, credible trending would appear sooner rather than later Friday. Appear early, and quickly extend beyond a prior relevant level, or else Friday’s biggest risk would be remaining within the relatively narrow range.

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