Post-market Wrap (recording & summary)

Thursday’s gap down remained in negative territory throughout the day. The session probed under the prior session’s low. It would have been more pessimistic to actually close under the prior low, so Thursday’s session was “ineffectual pessimism.”

This tends to resolve in one of two ways. A bearish resolution would gap down for a delayed confirmation of what originally had been ineffectual. The bullish resolution would gap up and trend higher, however durable or temporary that might be. Since no traction was gained Thursday, trending at all Friday morning must begin by gapping beyond Thursday’s range anyway.

The only “unfinished business” left outstanding is below at  2167.25. Testing it overnight could be recovered before the open, but Wednesday morning’s Pivot Reversal already makes a Friday morning recovery unlikely. So, Friday’s two likeliest scenarios are either gapping down and trending lower into the weekend, or else a weak rally effort that fails, and reverses down through the afternoon.

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

Monitor overnight Globex trading in the chaRTroom here.