Market Wrap (recording & summary)

The shift to weak-handed buyers that was signaled Monday afternoon hasn’t yet had an obvious effect on the rally.  Perhaps Tuesday’s range bound session is the only evidence that we’ve entered a distributive phase. Monday had probed another fresh high, recovering from a mid-day slide, and Tuesday hovered under Monday’s highs.

But hovering just under Monday’s highs does all but require actually probing them. (The late touch of Monday’s 2506.00 high is the same thing.) For all the time stopping pessimistically short, at least an obligatory probe higher is likely. Even the most bearish scenario should pro would be well served by trapping weak-handed buyers at an extreme.

The bearish scenario should do that in the morning, so its rejection could begin in time to be sponsored by strong-handed sellers. Tuesday didn’t do that. Wednesday still can. But probing prior highs doesn’t ensure they’ll hold and reverse price down — especially when the prior session failed to exploit exactly that opportunity.

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

Monitor overnight Globex trading in the chaRTroom here.