Market Wrap (recording & summary)

Naturalizing the Wednesday’s “unfinished business above” at 2362.50 overnight was vulnerable to reversing down. Which it did. Reversing down into Thursday’s open was vulnerable to trending down. Which it did not.

And since trending down Thursday morning had been likely to almost literally implode, consolidating the gap down soon marginalized sellers. Bouncing kept the door open to probing higher. Even failing to trigger the 2362.50 bias-up didn’t prevent “no-bias trending” to fresh highs.

The prematurely broken bias-up signal was retraced down to 2359.00 at the noon hour lows. The morning’s “unfinished business below” at its 2351.75 bias-down signal remained outstanding. Instead, the afternoon bounced, stopping pessimistically short of touching the morning’s highs. Trending higher was possible, but it didn’t.

Once again, reversing down has only a limited window of opportunity to exploit. So, not trending down abruptly at Friday’s open would suggest extending the rally into the weekend. And fresh highs can be probed overnight and rejected into Friday’s open. The only unfinished business outstanding is below.

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

Monitor overnight Globex trading in the chaRTroom here.