Post-market Wrap (recording & summary)

Thursday afternoon’s bias environment exit was slightly above the noon hour’s high. The 3:10-3:20 window firmed its way to fresh afternoon highs. Neither was decisive, and combining them doesn’t greatly enhance the whether the rally gained traction for Thursday’s efforts.

Regardless, any reward the effort earned hasn’t yet been awarded. The last half-hour reacted down from 2090.50 to 2087.00. But that has been recovered to a fresh high at 2091.00.

The ongoing narrow range that began after Wednesday morning’s surge doesn’t require resolving either way Friday. Sponsorship is difficult to generate during thinning participation (as if this week weren’t already lightly attended) ahead of the three-day weekend. Counter-trend sponsorship is difficult to generate, too. So just trying to resolve the range could be enough to produce a significant move, or a rubber band effect.

There’s a catalyst for that. Fed Chair Yellen is scheduled to speak Friday during the afternoon bias environment. one hour after Friday’s open. She may reinforce trending underway already in anticipation of her remarks, or prove they were overly-discounted and trigger a reversal. With three days of illiquidity just minutes away, any reaction is likely to be very aggressive, if not altogether brief.

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

Monitor overnight Globex trading in the chaRTroom here.