Market Wrap (recording & summary)

Wednesday’s late collapse had extended to and through the 2919.50 objective for the following open, making the pattern vulnerable to a corrective bounce. The correction’s likely objective at 2930.00-2934.00 was mostly probed overnight to 2932.25, and then 1 tick higher post-open. An interim dip back down to 2919.50 held the open.

The 13-point post-open corrective bounce wasn’t Thursday’s only rally effort. Neither was it the largest. But it did make it easier for another effort to succeed, having tested and retested 2930.00-2934.00, so another retest would likely break higher. Even then, 2936.00 must be recovered through a relevant timing window, preferably 2940.00. Next higher objectives would be 2950.00 (+/-), 2956.00, and a retest of the 2961.25 “new Globex trend extreme,” probably up to 2969.00.

Meanwhile, trending is difficult overnight ahead of an Employment Situation report. The impending event probably caused Thursday afternoon’s narrow sideways ranging. Not much support exists below. Possibly at 2892.00-2894.00, although it was already tested overnight there weeks ago. Any lower would target 2846.00-2851.00.

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