Market Wrap (recording & summary)

Thursday’s gap up opened at the 2384.00 bias-up signal, and quickly slid down to its 2376.00 bias-down signal. Probing under it in the morning only briefly pierced 2374.00. Probing under it in the afternoon only briefly pierced 2374.00, too. The interim bounce held 2380.00.

Trading out the day range-bound was the session’s least likely scenario. It creates pent-up pressure that is likely to be released by gapping open Friday. Meanwhile, an overnight dip could neutralize the attraction back down to 2370.50 where Wednesday’s FOMC news was greeted, and recover in time to gap up Friday. But probing higher overnight would more likely maintain a gap up and extend higher into the weekend.

Details and other markets coverage are discussed in the post-market Wrap recording here.

Monitor overnight Globex trading in the chaRTroom here.