Market Wrap (recording & summary)

Wednesday afternoon’s slide originated during a no-bias environment. Its 2369.75 bias-down signal wasn’t broken until after 1:30, which is too late to trigger or to invalidate. The “no-bias trending” is doomed to failure, but that didn’t prevent extending down sharply to test 2358.00. Regardless, and from whatever level, the break must be retraced at some point.

Wednesday’s bearish WedEX signal is neither passive nor active. The session’s break was the first to close under a prior range. So, actually, WedEX is not YET passive or active — that will be determined by Thursday’s open either recovering prior highs, or not.

The bigger picture is at risk of unraveling to the downside. But that would require another session like Wednesday, relentless albeit shallower. Wednesday’s close under its prior low, following Tuesday’s fresh high, is the basis for reversing the trend down. While new highs remain possible otherwise, reversing up to that degree is not likely before basing for awhile. And that’s the bullish scenario.

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

Monitor overnight Globex trading in the chaRTroom here.