Market Wrap (recording & summary)

Wednesday’s relatively shallow gap down ranged relatively narrowly. But its bias was upward, albeit choppily, and “unfinished business above” was left outstanding at 2362.00.

Resolving up in this setup should begin by almost literally exploding higher. There is essentially an air pocket up to 2369.00. Similarly, resolving down from this setup instead should almost literally implode down. Unfinished business below and lower prior highs at 2339.75-2342.25 are the likely attraction.

Wednesday differs in an important way from Monday and Tuesday. The two prior sessions had created upside objectives that were neutralized before the close. But the upside attraction created by this most recent session was left outstanding. That’s 2362.00, and neutralizing it overnight could launch a reaction that trends down Thursday. Trending down first would have that upside attraction outstanding to rescue it later.

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

Monitor overnight Globex trading in the chaRTroom here.