Market Wrap (recording & summary)

Wednesday night’s sideways range barely threatened to reverse up. Its last bounce to 2935.00 had reversed under 2930.75 sell signal and through the 2928.00 opening print, on the way to renewing its bias-down signal and meeting its 2914.25 renewed bias-down target. That took two hours, including the pre-open high. It took 90 minutes to retrace the pre-open high by noon.

That’s a lot of volatility. Buying and selling pressure don’t offset each other, they expend themselves. Similar to Tuesday morning’s surge, although not required, the afternoon ranged narrowly. Perhaps Thursday afternoon’s ranging was due to more pre-earnings anxiousness, with AMZN and INTC reporting post-close.

Thursday afternoon’s range broke lower, but not until coming to within 3 minutes of the cash session close, which got to 2928.00. That extended another 2 points when INTC missed and guided down, reacting down sharply and erasing AMZN’s initial knee-jerk reaction up.

The second half of quarterly earnings is underway, and tends to be different from the first half. Probing fresh highs remains likely, but is getting less likely to be maintained.

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