Market Wrap (recording & summary)

Thursday afternoon’s probe above its 2366.00 bias-up signal came after failing to trigger it. That’s “no-bias trending” and it’s doomed to failure. Wednesday afternoon’s break under its 2369.75 bias-down signal was also no-bias trending. It was unusually productive, ultimately extending down 25 points to the overnight low. But doomed is doomed. And it was retraced entirely Thursday afternoon.

The no-bias trending retracement was itself done by no-bias trending. Unlike Wednesday, Thursday’s no-bias trending was retraced already into the close, through 2363.50 to 2362.00.coming out of it. But there are other bearish influences. For example, often the no-bias trending’s retracement returns to the 1:20 print, which on Thursday was 2360.00. Also, Thursday’s second consecutive close under 2379.00 has confirmed a trend change, requiring at least an eventual third lower close. And the WedEX signal suggests it will influence Friday afternoon bearishly.

Having trended down into Thursday’s close, gapping up above the afternoon’s 2375.00 bias environment high would form a “session-long rally” setup. That wouldn’t negate the confirmed trend change signal, but it could invert the bearish WedEX. Otherwise, morning strength would likely resolve into a new downleg.

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

Monitor overnight Globex trading in the chaRTroom here.