Market Wrap (recording & summary)

It took long enough. No, seriously — just long enough. Fighting back from an overnight dip to 2463.50 had opened only slightly lower at 2469.00. But the morning only dipped back down to the overnight lows. and only to the overnight lows. Firming through much of the afternoon’s bias environment to 2468.00 stopped short of recovering. But firming into the bias environment exit extended higher upon entering the final hour, probing the morning’s high up to 2470.50.

All of which could have taken less time. But it couldn’t have taken any longer and still had time to recover. It took long enough.

Had Monday’s entire pattern developed during the morning alone, then the bullish WedEX would have been fulfilled. Not optimally, since Friday afternoon had already retraced a dip, which is what Monday’s entire session did. Optimal would have been to trend up after the open’s dip. Monday morning’s thorough tests of support did hold, but the window had closed before recovering, so it did not fulfill the bullish WedEX setup.

Nevertheless, a second consecutive pullback has failed to extend down. The delay suggests that upside attractions will now be more influential, first at 2474.50 and then new highs. Extending down anyway should still begin by gapping down, or at least by triggering the morning’s bias-down, targeting at least 2458.50.

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

Monitor overnight Globex trading in the chaRTroom here.