Post-market Wrap (recording & summary)

Wednesday morning’s overbought RSIs at 2092.00 had required its retest. The afternoon’s extremely narrow 2-1/2 point range resolved up just enough to touch 2092.00. But that only stretched the rubber band to snap back down to fresh afternoon lows.

Plunging to within 1 tick of the noon hour’s 2086.00 low digested the sudden reversal, and then recovered it. Fresh highs were probed up to 2092.50. That also reacted down — considerably, to 2087.50, and only a little less aggressively than plunging.

It’s pretty choppy, but it’s also pretty narrow. Like a very large pebble being cast into a very small pond. But it is a lot chop at the high of a move.

Nevertheless, the afternoon’s 2094.75 unfinished business above outstanding. It requires being retested, too. Wednesday’s second consecutive higher close confirms Tuesday’s breakout, now requiring at least an eventual third higher close.

Having entrenched itself, the rally can afford to hesitate again with another pullback. But not very deep or for much time, as a valid recovery should still be steep.

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

Monitor overnight Globex trading in the chaRTroom here.