Market Wrap (recording & summary)

“Break” may be too harsh a word for describing Tuesday’s late-afternoon break higher. It was more of a gentle snap, as the elements forming it were less than optimal. Its potential to test the morning’s 2468.50 high was attacked to within 1 point.

Further upside potential didn’t just fail to materialize. It was rejected by a sudden, steep and substantial reaction down to 2463.00. That’s a second consecutive session of failing to close decisively above 2463.00. It’s also a close under Monday’s highs. And it’s all that, after having tested 2471.00-2473.50 overnight.

Tuesday’s intraday attempt to reject Thursday’s trend change signal failed. But it remains at risk of failing since sellers didn’t recapture 2459.00, despite its test being “unfinished business below” from the morning’s bias parameters. No bearish resolution prevents an interim retest of Tuesday night’s 2471.00-2473.50 high — but its retest must be rejected aggressively if at all.

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

Monitor overnight Globex trading in the chaRTroom here.