Market Wrap (recording & summary)

Would Thursday have probed above 2824.00-2825.00 resistance? China trade news converted an overnight rally into an opening deficit, and the balance of the session was stuck to the new paradigm. Dips to 2808.50 and 2811.00 were recovered back into the range, but never reversed into positive territory — except once up to 2821.00, but only briefly as the morning’s bias environment began lapsing. The afternoon was spent backing and filling.

Dips all recovered into the range. Except for the last one, but it had begun too late to be predictive. Opening Friday firmly enough or already high enough — at least attacking Thursday afternoon’s 2817.00 high — would be likely to retest Wednesday’s 2826.50 high, perhaps higher above 2831.00. Any early fresh high would be vulnerable to reversing down sharply through the afternoon.

Probing lower overnight or post-open would be attracted to Thursday morning’s outstanding 2806.25 bias-down target. Its “unfinished business” requires retest. The likely attraction to “lower prior highs” at 2801.00 is not required, but likely. But its test is likely to hold. Ending the week any lower than that would be bearish, and vulnerable to extending down more sharply.

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