Post-market Wrap (recording & summary)

A short-squeeze setup wasn’t exploited. It had formed by probing a fresh session extreme during the bias environment and then exiting that environment beyond the prior extreme. But the bounce from 2137.25 up to 2153.75 was retraced back down by 61.8% to 2143.00. And the last hour was spent ranging choppily sideways.

Remember that Monday’s drop was a test of “lower prior highs” down to 2143.50. So, holding it through Thursday’s close does keep alive potential for Thursday’s drop to have been only temporary. But closing above 2149.00 instead of at or below it would have helped to confirm.

Meanwhile, oversold RSIs at Thursday’s low require an eventual retest. Overnight would suffice, and then greeting Friday’s open in positive territory could fulfill the short-squeeze setup, after all. Being a Friday, the morning’s bias tends to persist through the noon hour. And it’s being greeted with a big drop back to relevant support that has already been productive once. So, whichever direction, the session is likely to trend aggressively for awhile.

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

Monitor overnight Globex trading in the chaRTroom here.