Post-market Wrap (recording & summary)

The anchor from last Wednesday’s open is a structural point, singularly defined as 2110.25. It had all but required being tested, the minimum objective of last week’s pullback. Last week’s pullback was likely to be only temporary because of the “unfinished business above.”

That unfinished business didn’t take long for its retest after fulfilling the pullback’s next lower objective at 2181.00. The final hour’s entry touched it, and then fresh highs probed it up to 2212.00.

Now that the attraction is tested, there is no requirement to extend higher in the near- term. Closing above 2192.00 two weeks ago did put into play the next higher objective at 2222.00. That’s still likely, but it’s not required on this leg.

Traction gained during the afternoon suggests the morning will trend up, whether from opening flat or from gapping. Gapping down would still be likely to trend up. That qualifies less as a hold-long since gapping down remains possible.

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

Monitor overnight Globex trading in the chaRTroom here.