Post-market Wrap (recording & summary)

Wednesday’s session was full of promise. From the traction gained by Tuesday’s decline that would produce downtrending action the next morning, to the gradual recovery after gapping up. Even the last hours breakout above 2156.50 was unfulfilling, extending shallowly up to only 2158.00, and then reacted down sharply to 2152.00 through the close.

But although that late drop was relatively steep and sizeable for the day, it didn’t damage the intraday coiling and pent-up buying pressure. Certainly, the template had been warning the recovery might need a rubber band effect to stretch price down so it could snap back up. But that was earlier, and its late appearance left too little time to attract new sponsorship.

If the intraday restrained optimism is pessimistic enough to be bullish from a contrarian perspective, then not gapping down would be likely instead to gap up. Gapping down wouldn’t necessarily be bearish, unless gapping under Wednesday’s 2149.75 low.

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

Monitor overnight Globex trading in the chaRTroom here.