Market Wrap (recording & summary)

Tuesday’s gap up touched the 2397.00 “higher prior low.” Its test was likely to hold, which it did. Reversing down avoided triggering bias-up, putting into play an offsetting test of the 2388.75 bias-down signal. Which was never touched.

Bias-up wasn’t invalidated, although the morning was spent hovering there. So 2388.75 becomes “unfinished business below.”

Rallying into the noon hour to 2399.50 was never revisited intraday. Its reaction down formed a range that persisted through the close. Sellers failed through two timing windows to reverse down, suggesting the consequence of probing a fresh high. Stopping pessimistically short of the high suggests it will be probed considerably.

Only gapping down or extending down aggressively can avoid at least probing fresh highs, presumably to 2401.00, if not also trending to new highs.

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

Monitor overnight Globex trading in the chaRTroom here.