Market Wrap (recording & summary)

Thursday’s open was teetering on the brink of collapse. Its pre-open probe of fresh lows attacked 2813.00 support, whose break would have triggered a drop into and out of the weekend. But a pre-open bounce recovered back above Wednesday’s 2817.25 low to suddenly introduce an Isolation setup into the mix. And it stuck.

Isolating the overnight probe was maintained halfway through the opening 15 minutes to signal the collapse had been abandoned. The entire open’s steep slope, if not also the first half-hour, told us the reversal was getting carried away and not to step in front of it. The noon hour was entered at 2856.50. The afternoon resumed the rally up to 2866.00 — already fulfilling the Isolation setup’s objective to retrace the ~2860.00 prior high.

The afternoon’s rally originated during a no-bias environment, requiring a retracement back to the 2854.50 bias-up signal or the 2852.00 1:20 print. Or, not. The bias environment lapsed above its 2860.25 bias-up target, so the requirement becomes only an attraction. But a very likely attraction.

Meanwhile, the afternoon’s buyers gained no traction for their efforts. The bias environment was exited above the noon hour’s range, but never confirmed. Extending higher Friday would all but require gapping up. Not gapping up would be unlikely to rally, but rallying anyway would be likely to fail. And the week’s earlier 3-day series of failed intraday rallies hasn’t indicated its demise.

Details and other markets coverage are discussed in the post-market Wrap recording here.
Monitor overnight Globex trading in the chaRTroom here.
REMINDER: THERE IS NO SATURDAY REVIEW THIS WEEKEND DUE TO TRAVEL