Post-market Wrap (recording & summary)

Wednesday’s open held a test of the morning’s  2035.75 bias-down signal, putting into play an offsetting test of the morning’s 2044.50 bias-up signal. Probing above it during the no-bias environment is called “no-bias trending,” which is doomed to failure. Eventually. Historically.

That didn’t prevent extending higher Wednesday, up to 2060.50. That’s not a little.

No-bias trending isn’t extremely rare. Not retracing no-bias trending the same day is rarer, and anything rare is uncomfortable. So, extending sharply higher is frustrating. And it’s certainly not what the opening action had suggested by trending down productively — before holding a test of the bias-down signal at 10:15.

Context on top of context is telling us the one-day rally is temporary. It neutralized the attraction above back to Monday’s close. The two-day decline preceding it was contained entirely within Friday’s range. And Wednesday’s rally is contained entirely within the two-day decline preceding it.

None of which prevents a fresh high. A retest of Sunday night’s “new Globex trend extreme.” A new trend high close that satisfies Friday’s new trend high close requiring at least one more. But that context on top of context is telling us that neutralizing the attractions above, before completing a correction below, could resolve in a downtrend much more destructive than just a correction.

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

Monitor overnight Globex trading in the chaRTroom here.