Market Wrap (recording & summary)

The rally’s next higher objective at 2885.00 was already being tested by Tuesday night’s China trade rally, and greeted Wednesday’s open there. Immediately collapsing to test the morning’s 2875.50 bias-down signal held, triggering a complete recovery to the 2886.25 overnight high’s “new Globex trend extreme.”

Up to 2889.25, which defined the bias environment’s high. Despite exiting the bias environment above 2885.00, 2889.25 was never exceeded to confirm upside momentum remained intact. The next higher objective at 2902.00 was never confirmed, either. And not for lack of proximity, as the noon hour ranged exclusively above 2885.00.

The afternoon’s no-bias trending under its 2881.00 bias-down signal was productive, dipping under its 2874.00 bias-down signal to 2869.00, the pullback potential I had described before the open. But not in time to invalidate a requirement to retrace the 2881.00 bias-down signal, which is now unfinished business.* As is the 2884.75 opening gap up, which has yet to be retested since dipping back into a prior session’s range. (*Wednesday’s late bounce extended through the close to within 3 ticks of 2881.00 which satisfies its required retracement.)

Nothing requires extending up through or reacting down from testing the higher attractions. But there continues to be strong selling into rallies, so regardless of the near-term potential upside, a reversal down remains likely.

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