Market Wrap (recording & summary)

The recovery from this afternoon’s 2255.75-2256.75 lows extended higher through the close, and attacked 2272.00 to within 1 tick. That level had been the likely objective of Tuesday afternoon’s false break higher. It was the potential attraction to rallying Tuesday night, had a rally ever gotten underway. More important than resistance, it is the delineation between rallying to new highs, and rejecting new highs. If ever new highs above 2278.00 were tested, then closing any day back under 2272.00 would be another signal of a top forming. There’s still a new trend high close likely in the mix, but the market usually finds a way to satisfy all requirements before launching a reversal.

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

Monitor overnight Globex trading in the chaRTroom here.