Market Wrap (recording & summary)

[Rolling coverage forward to Jun which presently trades at a 5.25 premium to Mar]…

Friday is not lacking for a catalyst to keep alive volatility and trending. It’s being greeted at fresh three-week lows, with a lot of downside momentum, and two days of illiquidity are fast-approaching. Should be fun.

Thursday night’s lowest lows in three weeks at 2766.75 basis Jun (2761.50 basis Mar) wasn’t the market hunkering down defensively ahead of the day’s ECB events. It was chipping away at support, as if any remained. Both the likelihood for attempting to isolate the fresh lows, and the likelihood for the attempt to fail, were already obvious before the open. A bounce barely attacked 2782.25 (2777.00) before beginning to collapse into and out of the open.

Simply by revisiting 2782.25 (2777.00) Wednesday, the next lower objective at 2758.75 (2753.50) was put into play. Thursday’s 10:15 bias timing window had blown through it to the collapse’s 2747.00 (2741.75) low. Stair-stepping back up to 2766.25 (2761.00) through the noon hour narrowly avoided triggering bias-up, which defaulted to begin trending back down to fresh session lows.

Fresh session lows began the trek to the next lower objective at 2739.00 (2733.75), encountering difficult support upon attacking 2743.25 (2738.00 basis Mar). Resolving down would next target 2727.25 and 2720.50 (2722.50 and 2715.25). That’s not necessarily in a straight line, ever — let alone ahead of the likely knee-jerk reaction to tomorrow’s Employment Situation report. There’s meanwhile room for noise up to 2758.75 (2753.50), and higher prior lows at 2775.25 (2770.00).

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