Post-market Wrap (recording & summary)

For all of Thursday’s twists and turns, it all took place in a relatively narrow range. Even narrower than Wednesday. And Wednesday had warned already that momentum was lapsing when buyers failed gain traction for their effort to produce a new trend high close. So, not gapping up Thursday prevented any rally from being durable.

That didn’t prevent probing fresh highs anyway. The pre-open high was reversed back into Wednesday’s range. Its intraday retest was reversed, too, after essentially fulfilling the next higher objective at 2082.25 to within 2-3 ticks.

So, no higher objectives were put into play. The only potential higher objective was essentially neutralized. And the afternoon was spent fluctuating narrowly around Wednesday’s high. To the degree that Thursday’s restraint or inhibition was due to expiration’s influence, expiration is likely to influence Friday’s price action.

And its influence Friday isn’t required to be restrained or inhibited. That should be interesting for the afternoon’s active bullish WedEX signal.

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

Monitor overnight Globex trading in the chaRTroom here.