Market Wrap (recording & summary)

Thursday’s session had one job. It wasn’t even required to be done that day. Wednesday’s 2884.75 open above all prior highs in a trend required a retest from below. Greeting the open unchanged from Wednesday’s close quickly surged to 2885.75, where the gap-fill was done.

Reacting down avoided triggering the bias-up signal, instead putting into play a test of the 2872.50 bias-down signal. The noon hour’s 2871.00 low met it, twice. And recovered before the noon hour’s exit. Not surprisingly, not yet trending beyond the range by noon was unable to trend afterward.

Trending is not a job for the session prior to the Employment Situation report.

Greeting an entire afternoon from the range’s lower-end, and unlikely to trend any lower, the balance of the session was likely to bounce. Which it did, back to the range’s upper-end at 2884.50. Bouncing that high wasn’t required, so we’ll interpret it as last-minute optimism — which can be bearish from a contrarian perspective.

Resolving up anyway tomorrow morning would likely put into play the next higher objective at 2902.00. A favorable knee-jerk reaction to the news would still be vulnerable to reversing back down through the session.

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