Post-market Wrap

Thursday’s stunning reversal had met a corrective bounce target in the 1910.00 area. Reacting down from 1913.25 to 1904.75 was recovered in time to trigger bias-up targeting 1921.00 — it was extended higher to test 1927.25.

Then it was all reversed. The cash session’s last half-hour dropped to 1911.00. That has drifted lower into the night, now probing under 1904.75 by more than 2 points.

That’s trying to contradict that yesterday’s recovery gained traction for its effort. The bias environment was exited above the noon hour’s high, and the final hour was entered even higher. Friday morning should reward them by trending higher.

Traction, or not, this is expiration. Traction can be negated by gapping down under a prior relevant low — and not immediately rejecting the gap down. That potential to reverse down can’t be dismissed despite Thursday’s recovery.

Monitor overnight Globex trading in the chaRTroom here.