Post-market Wrap (recording & summary)

Wednesday’s last-minute 7-point bounce peaked 1 point short of 2177.00. Its recovery would have kept alive potential for the drop from Tuesday morning’s high to have been only a correction, prior to resuming the rally. Closing under 2177.00 instead suggests the drop has been the beginning of the end, completing the massive topping pattern we’ve been monitoring.

Having failed to close back above 2177.00, recovery potential can be reinstated by gapping back up above the 2180.50-2181.25 area. That wouldn’t ensure new highs, and would remain vulnerable to attempting another downleg. Wednesday’s attempt at a new downleg is still subject to confirmation from a second consecutive lower close.

The Schrödinger’s cat setup.

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

Monitor overnight Globex trading in the chaRTroom here.