Market Wrap (recording & summary)

Wednesday’s bias-down signal was confirmed by probing under its pre-10:15 low. But its 2331.00 bias-down target was attacked to within 2 points before a sudden 15-point rally reversed the bias environment’s trend. Even that was too shallow to invalidate the bias signal, so 2331.00 is “unfinished business below.”

The afternoon’s 2336.75 bias-down signal was touched coming out of the noon hour. Sellers didn’t exploit the proximity and timing to trigger bias-down. Which buyers exploited by trending back up through the afternoon to probe the morning’s 2348.00 high.

Wednesday may seem to have fulfilled a Wreversal Wednesday setup. But its initial dip was briefer than the setup should have lasted, and its recovery was shallower. Already extending higher Thursday morning would still be credible for a bigger bounce. But a durable bottom would first hold a test of 2331.00.

Details and other markets coverage are discussed in the post-market Wrap recording here.

Monitor overnight Globex trading in the chaRTroom here.