Market Wrap (recording & summary)

Wednesday’s bias environment exit was positioned well for rallying to new highs into the close. The noon hour’s exit printed a fresh post-open high above the bias environment’s high. All of which was pessimistically short of the morning’s 2397.00 bias objective, despite it already having been met to within 3 ticks.

Reacting down under 2393.50 would have rejected the opportunity to trend up to new highs through the close. But the bias environment exit dipped to touch 2393.50. And despite recovering completely, the last half-hour also dipped to touch 2393.50. But neither dip probed any lower, and each was recovered back to session highs — touching 2397.00 at the close.

The morning’s rally was this week’s first, but it was relatively shallow. Hovering there through the afternoon didn’t exploit opportunities to reverse down. This combination of restrained optimism and ineffectual pessimism can still launch an upleg to new highs. Trending higher overnight remains more likely than probing fresh lows for the week, other than an overnight dip that is isolated before the open.

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

Monitor overnight Globex trading in the chaRTroom here.