Market Wrap (recording & summary)

Thursday morning’s probe above its bias-up signal was no-bias trending, doomed to failure. That was already retraced back to its 2350.50 bias-up signal, and also 5-6 points lower where the 10:15 no-bias signal had triggered. But “unfinished business” was left outstanding at the overbought RSIs of its 2356.00 high. It’s only an errant tick, but it requires an eventual retest.

Unfinished business below remains outstanding at Wednesday morning’s 2331.00 bias-down target. It may be met without much delay, since Thursday afternoon’s sellers gained traction by exiting the bias environment under the noon hour’s low, and the proxy window trended down to fresh session lows.

A “failed ascending triangle” is forming, which I review graphically during the Market Wrap video. The pattern tends to resolve sharply lower. And that sharply lower resolution tends to form a more durable low. The 2331.00 attraction could be probed to 2327.00, or to 2317.00.

Meanwhile, Thursday afternoon’s 2352.00 high formed too late for gapping above it Friday to form a “session-long rally.” However, gapping up above 2352.00 would invalidate the traction that Thursday afternoon’s sellers gained. And while not a session-long rally, it would still be credible for extending higher — perhaps not relentlessly, but marginalizing sellers into the weekend.

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

Monitor overnight Globex trading in the chaRTroom here.