Market Wrap (recording & summary)

Extending higher into Thursday’s close retested Wednesday’s 2264.50 close. The open had done that already, and then reversed down for the morning. Should the afternoon’s retracement be any more bullish?

Possibly, since recovering the morning’s selling pressures suggests its sponsorship wasn’t strong-handed. Closing above the morning’s high would have been helpful, so a hold-long could have been more compelling, especially ahead of Friday’s Employment Situation report.

Since Thursday afternoon’s buyers didn’t gain traction, rallying Friday all but requires gapping up. By the same token, sellers should once again be obvious very early if they’re actually retaking control. That’s essentially Thursday’s opening setup — and sellers not retaking control didn’t prevent a temporary dip, anyway.

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

Monitor overnight Globex trading in the chaRTroom here.