Post-market Wrap (recording & summary)

Wednesday’s noon hour test of 2160.00 support produced an obligatory bounce. Like late-Friday’s bounce from testing 2160.00, strong-handed sellers never regained control. Both bounces targeted the same 2170.75-2171.50 area, which both fulfilled.

But Wednesday’s bounce accomplished nothing toward reversing the trend up. It didn’t gain traction or reverse the trend up, and holding a test of resistance only neutralized the attraction above. Meanwhile, the afternoon’s 2156.50 outstanding bias-down target became “unfinished business below.”

Wednesday’s bounce did potentially marginalize sellers through the holiday. Not already breaking lower this far before a three-day weekend suggests that a break lower is at least delayed. To be sure, recovering from a probe under Friday’s low would have been optimal. And gapping down Thursday could serve by proxy to resume the decline. Otherwise, gravitating back up into the weekend is possible before resuming the decline.

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

Monitor overnight Globex trading in the chaRTroom here.