Market Wrap (recording & summary)

Did Thursday’s brief plunge to 2376.00 finally end the 6-7 day correction of last week’s rally? Its recovery back above the range’s lower-end didn’t extend above 2388.00. Wednesday’s brief plunge to 2375.50 resolved similarly, and didn’t end the correction.

Although Thursday’s low neutralized the requirement to retest Wednesday’s oversold RSIs, there are still attractions to it. Attractions that remain in-play without closing above 2388.00. Attractions that would be neutralized by gapping up above 2391.00.

Thursday’s open was offered a similar proposition, and tried exploiting it, but its gap up failed. At least Friday Factors of the weekend’s approaching illiquidity could leverage gapping up into a short-squeeze back to recent highs. And at least the weeks’ global liquidity challenges could prevent a retest of the week’s lows from extending.

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

Monitor overnight Globex trading in the chaRTroom here.