Market Wrap (recording & summary)

Tuesday afternoon’s bias environment began lapsing at 2:30 by surging to fresh post-open highs. Resistance at 2434.25 was quickly probed up to 2435.75. Nothing substantial, and the final hour’s entry didn’t budge any higher. Here’s why: the market collapsed through the 3:10-3:20 proxy window, and into the 3.37 position-squaring window. The balance of the session ranged sideways at 2428.00.

Every attempt to break lower intraday would have had one objective in-play — to retest the morning’s 2426.50 bias-down target that had held the overnight drop. It would have easily held if tested post-open, instead of only being attacked to within 2 ticks. Now its test would likely probe lower to compensate for the delay. Candidates continue to be 2424.25 and 2421.50.

Only gapping up Wednesday above 2434.25-2435.75 would be credible for marginalizing the pullback. Any  less opening strength would be likelier to reverse back down to fresh lows.

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

Monitor overnight Globex trading in the chaRTroom here.