Post-market Wrap (recording & summary)

2152.25 is the highest calculable retracement of last Monday’s consolidation. Room for noise above it at 2153.25 was being overlapped as the positions-squaring window was entered. Not exceeded, but overlapped. Probing any higher, however much higher, would not have any predictive value.

In fact, fresh highs went on to probe significantly higher to 2157.50.While a reaction down would be required to retest that high, a reaction down isn’t any less likely. A reaction down may even be likelier. That’s despite Wednesday afternoon’s rally having gained traction by entering the final hour above the bias environment’s high, and then trending to fresh highs through the 3:10-3:20 proxy window. Already extending higher has rewarded those buyers.

Overbought RSIs at Wednesday’s high will require an eventual retest in case of reversing down overnight without yet probing higher. That would be the more bullish scenario, at least near-term to enable a morning rally. But extending the rally is not at all assured, as retesting last Monday’s highs has neutralized a great deal of sponsorship.

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

Monitor overnight Globex trading in the chaRTroom here.