Post-market Wrap (summary, no recording)

Extending the rally Wednesday without delay had required gapping up, since Tuesday afternoon’s rally didn’t gain traction for its effort. The overnight drop foreclosed on that possibility, at best delaying it until late-afternoon.

A bigger rally could have followed a test of the morning’s bias-down target instead of just attacking it to within 3 ticks, and by triggering the morning’s no-bias signal instead of noN-bias. So, from the perspective of reverse-engineering, perhaps the traction handicap correctly prevented that.

So, rallying soon after the opening dip extended higher into the close, but remained under Tuesday’s highs. There is no bullish reason for any further backing-and-filling, let alone for any further delay to rallying aggressively. And since Wednesday’s rally didn’t gain traction, either, extending higher should begin by gapping up. Not gapping up would not be bullish.

[There was no post-market Wrap Wednesday.]

Monitor overnight Globex trading in the chaRTroom here.