Market Wrap (recording & summary)

Tuesday night’s drop measured 14 points from its early high to last-minute low. The open’s blip-down was momentarily another couple of points. The rest of Wednesday’s post-open action was less decisive. Bouncing 7 points through the morning was retraced 5 points through the afternoon, followed by another shallower reversal.

Was Wednesday’s action a pullback that consolidated Tuesday’s rally? This would allow one more upleg to develop that completes the correction off of Monday morning’s low. The upside potential to 2461.00 must still navigate the gap back up to Tuesday’s 2451.25 close, where resistance could already launch the next downleg.Gapping down Thursday would find little support at 2438.00 whose break would target Monday’s 2429.00 highs. A corrective bounce there would likely resolve down into the weekend.

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

Monitor overnight Globex trading in the chaRTroom here.