Post-market Wrap (recording & summary)

Today’s post-market Wrap recording identifies most of the new influences that arose during election night and in its aftermath.

Attractions below:
The retest of last Friday’s 2080.00-2094.00 range that was required by the Comey rally’s gap up. Its retest is required intraday, so the overnight drop did not fulfill it. The “new Globex trend extreme” that developed under prior lows, which requires being retested eventually intraday. The low’s limit-down, which also is historically retested.

Buying pressure:
The low’s 61.8% retracement of the Brexit reaction’s plunge, which serves by proxy as its retest. Isolating the probe under Tuesday’s lows to the overnight so that sellers might be marginalized for the day. The successful setup often extends for multiple sessions, retracing multiple downlegs.

Upside attractions:
Wednesday morning’s break above downtrending resistance that had been guiding the two-week slide. Its ~2167.00 “connector” was tested at the intraday high, and any higher would target fresh highs probing its 2184.25 anchor. Meanwhile, intraday patterns already in-play are next targeting the 2180.00 area.

Near-term momentum:
Buyers gained traction by entering the final hour above the bias environment’s high and then trending up through the 3:10-3:2- timing window. This makes Thursday morning likely to trend higher, regardless of gapping up. Wednesday’s mid-day Ascending Triangle already broke higher and a dip corrected the break higher. So, whatever the opening print, there should be no delay in rallying.

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

Monitor overnight Globex trading in the chaRTroom here.