Market Wrap (recording & summary)

The noon hour had isolated fresh session lows under 2441.00 down to 2437.25. Had that low been a retest of a prior low, or if its recovery extended above a prior high, then the balance of the afternoon could have recovered to Monday’s highs and higher.

No prior low was being tested and no prior high was recovered. the recovery could have developed anyway, but didn’t. The noon hour’s range broke lower down to 2434.00.

But the break lower was delayed until the last half-hour, essentially the position squaring window. And it held a test of last Wednesday’s 2435.50 close. Held it, as in still overlapping it at the close, but not necessarily rejecting its test.

Gapping up Wednesday above Tuesday afternoon’s 2442.50 high would reject all of the subsequent downtrending action. It would also recover the noon hour’s isolated probe under the morning’s lows. And it would trigger a short-squeeze targeting new highs. Otherwise, Wednesday’s open could be at the 2432.50 area of Friday’s “lower prior highs,” on the way down to 2425.00.

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

Monitor overnight Globex trading in the chaRTroom here.