Post-market Wrap (recording & summary)

Haven’t seen a Wreversal Wednesday in awhile. Trending convincingly during the morning before an entirely different picture emerges into the close.

There is no “unfinished business” below. Not recovering above 1898.00 through the open had required trending down even deeper to 1890.00 to satisfy the overwhelming selling pressure. Probing under it continually overlapped it without breaking lower.

The recovery gained traction for its effort, by exiting the bias environment above the noon hour’s high and trending up to fresh highs through the 3:10-3:20 window. Rewarding the recovery’s sponsorship Thursday morning is likely, so long as the open isn’t rejecting the recovery by gapping down too deeply.

Regardless of Thursday morning’s action, Wednesday’s high touched last Wednesday’s 1927.25 high. That was the “pivotal high” prior to Monday’s 1943.75 actual high. Just touching the pivotal high now requires also touching the actual high.

Recall that the drop from Monday’s close was always considered only a temporary correction. The timing of its origin, the high’s overbought RSIs, the high’s opening gap up… Wednesday’s recovery is in-line with this context. So, higher highs remain likely up to 1846.00 and potentially also to 185.00-1853.00.

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

Monitor overnight Globex trading in the chaRTroom here.