Market Wrap (recording & summary)

Tuesday afternoon’s drop from 2274.00 tested Monday’s lows down to 2263.25. That was essentially the upper-end of Tuesday morning’s opening range. That opening range had prevented isolating the overnight probe under Monday’s lows. And that was bearish. Clearly, not bearish in extending further down, but bearish in forcing a rally to retrace.

Only retracing? And, only retracing to the opening range’s upper-end? That’s hardly a consequence. Probing under 2263.25 is still likely. Retesting the open’s 2259.50 low is likely, too. Probing under 2257.50 would be likely to resume Tuesday’s opening decline (which was trying to resume Monday’s gap down) and target at least 2247.50, if not also 2235.25. Bouncing first could peak at 2272.00, or else probe new highs — if not also produce a new high close that neutralizes all upside attractions.

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

Monitor overnight Globex trading in the chaRTroom here.