Market Wrap (recording & summary)

Monday night probed the 2487.00 intraday high by 4 points up to 2491.00. Tuesday’s gap up to its 2489.00 bias-up signal extended straight up briefly to 2493.50, and held up long enough to trigger bias-up. The balance of the morning dipped back down to test the 2489.00 bias-up signal as support.

Retesting the morning’s high up to 2494.00 also reacted down, albeit shallower before recovering again. A last-minute surge to fresh highs at 2494.75 characterized the session as trending. And the second consecutive higher close confirmed Monday’s breakout. At least an eventual third higher close is required.

Meanwhile, coming within 3 ticks of the morning’s 2495.50 bias-up target has neutralized its attraction above. Despite the target being neutralized, it was too late for a reaction down to actually reject the attraction above. That doesn’t prevent reacting down immediately Wednesday, but it does require a reaction down to be aggressive. Otherwise, the upward bias remains intact.

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

Monitor overnight Globex trading in the chaRTroom here.