Market Wrap (recording & summary)

One piece of “unfinished business above” remains outstanding at 2454.00. It was a bias-up target that triggered that afternoon. It’s likely to be retested soon after the current pullback ends. But there’s no requirement for the pullback to end.

Meanwhile, Tuesday’s plunge down to 2416.50 only touched a prior low. That’s optimistically short of what constitutes an optimal test, let alone thorough. Especially when the next lower objective is only 1 points lower, or 2 points when including its room for noise that is likely to be tested.

There’s some potential for “lower prior highs” at 2412.00 to formulate a bottom, which would launch a retest of the highs. Otherwise, probing any lower would next target 2399.00.

Tuesday afternoon’s bias environment high printed very early at 2431.50. A lower high printed at 2427.50 as the bias environment began lapsing. Having trended down into the close, just recovering one prior high at Wednesday’s open could form a “session-long rally.” Optimally, the setup would gap up above the entire bias environment. Likely, the decline persists.

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

Monitor overnight Globex trading in the chaRTroom here.