Market Wrap (recording & summary)

Tuesday open was greeted by another dip back down to Thursday’s 2408.50 opening gap. It produced another bounce. And it filled the gap back up to Friday’s 2413.75 prior close. Retracing back to within 1 tick of the pre-open low was still short of the bias-down signal. And short of time to trigger it.

That didn’t necessarily marginalize sellers. Other sponsorship could have arrived at different points during the day to launch another downleg. But those initial sellers were marginalized. And so long as they lacked a catalyst to attract more sponsorship, price could only gravitate back toward the range’s other end — up.

So, it’s interesting that the range’s other end wasn’t tested. Positive territory was barely pierced, only touching the afternoon’s bias-up signal, which held throughout the afternoon. The overnight decline was stopped, but not rejected. Reinforcements didn’t arrive, but neither did counter-trend sponsorship, which must now creep in overnight to be credible. It’s also interesting that 2408.50 support has now been chipped away both overnight and intraday. Its retest would likely break, and a break would likely target 2399.00.

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

Monitor overnight Globex trading in the chaRTroom here.