Post-market Wrap (recording & summary)

The decline’s 2043.00 target had been met, and probed to its maximum room for noise down to 2040.75. It was retraced by 61.8% of the post-open slide back up to 2049.00. The balance of the session could have been spent retesting 2043.00 to form a durable bottom, or to extend down.

But simply retracing 61.8% of the opening slide had started tracking another template. Entering the afternoon’s bias environment above the open would open the door to extending well into positive territory.

The recovery extended to 2071.50, 29 points off the low. But it’s not bullish. Extending any higher wouldn’t have made it bullish. The low was not retested during another timing window, and the open’s gap down was not retested from above.

All of which can be done Friday, but not as reliably to hold and form a bottom. Meanwhile, extending higher Friday morning is possible, but not durably (and probably not by gapping up) due to a bearish WedEX.

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

Monitor overnight Globex trading in the chaRTroom here.