Market Wrap (recording & summary)

Aside from Tuesday’s correction day, last week’s distribution seems to be dominating again. Tuesday night’s 9-point rally to 2832.00 was retraced to 2814.50. And Wednesday’s opening surge to 2831.00 was retraced to 2817.50. Those round-trips are sort of a gentle reminder of last week’s distribution, albeit shallower, but distributive nonetheless.

In contrast, a stark reminder of Friday’s collapse followed Wednesday’s late-morning bounce to 2828.50. The consequences of distribution were another collapse to attack 2791.50.

The low stopped optimistically short of touching Monday’s ~2790.00 lows. RSIs diverging positively warned early of a bounce that tested and retested 2813.00 resistance. Resistance held through the close, keeping alive the late-morning collapse’s bearish momentum. The decline is still easily invalidated by closing back above 2827.00, but should meanwhile become obvious 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.