Market Wrap (recording & summary)

Tuesday’s gap up to 2478.00 neutralized all unfinished business and attractions above. Just having delayed exploiting Monday’s break lower had made fresh highs likely. Previously existing was the 2476.25 new Globex trend extreme that had preceded last Thursday’s open. Yet to be an attraction was the morning’s 2477.00 bias-up target, whose 2472.00 bias-up signal wouldn’t trigger for another 45 minutes.

So, it’s interesting that the rally didn’t do anything to entrench itself. No afternoon bias-up target put into play, no uptrend gaining traction, no breakout close. Extending higher Wednesday depends upon gapping up above Tuesday’s highs, or else delaying a rally until late-afternoon. Like, in reaction to the FOMC policy statement, or in reaction to its reaction. The next higher objectives would be 2484.00 and 2490.00.

Rolling over late Tuesday was too delayed and too muted to be reliable for extending down. At least, for extending down without delay or without backing-and-filling. Not without gapping down to and/or through Friday/Monday’s “lower prior highs” at 2469.00.

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

Monitor overnight Globex trading in the chaRTroom here.