Post-market Wrap (recording & summary)

NOTE: S&Ps front-month rolls forward from Mar to Jun at Thursday’s open.

Nothing bullish about Wednesday, despite not being carried sharply lower by the topping template. The morning’s plunge stopped optimistically short of touching Tuesday’s low. Multiple recovery attempts exploited as much room as possible without launching uplegs. “Unfinished business below” from the morning was left outstanding at 1967.75 (basis Jun, 1977.00 basis Mar).

No traction was gained either way Wednesday. Trending immediately would require gapping open beyond Wednesday’s 1969.00-1982.00 (basis Jun, 1978.00-1992.00 basis Mar) range, or else probing one end temporarily before richocheting more substantially back in the opposite direction.

The bearish topping template remains intact until a rally gains traction. That might seem to allow indefinite time before resolving. But getting past mid-week without yet trending sharply does make undermine the credibility of starting later.

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

Monitor overnight Globex trading in the chaRTroom here.