Market Wrap (recording & summary)

Thursday was at the very least a surprising day. At the very most, one more surprise is yet to come.

Wednesday’s sellers had gained traction through dropping from 2349.25 to 2331.25, but that didn’t prevent gapping up Thursday. The gap wasn’t above the prior afternoon’s high, but that didn’t prevent trending higher throughout the day. A lot, back to and through Wednesday’s high to test the next higher objective at 2355.00.

Closing above 2355.00 would have put into play 2360.00-2361.00. It was probed up to 2358.25, but that didn’t enable extending higher. Instead, Thursday’s last two hours ranged sideways back down to 2353.25.

2355.00 was still being overlapped throughout those two final hours, neither extended nor rejected. Closing under 2352.00 would have confirmed 2355.00 held as resistance. Opening Friday under 2352.00 would suggest as much. But opening under 2345.00 would confirm that Thursday’s intraday rally had been exaggerated by expiration jockeying. Holding a test of 2360.00-2361.00 would be vulnerable to reversing down, too.

However it might start, reversing down would be more surprising than Thursday’s rally, because it would be much more productive. The bearish WedEX could retrace this week’s lows back down to and through last week’s lows. And lower.

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

Monitor overnight Globex trading in the chaRTroom here.