Market Wrap (recording & summary)

Monday night’s relentless optimism was relatively shallow. But it would have been labeled as excessive optimism had Tuesday’s open reversed back under the overnight low. It didn’t. The open didn’t do much but fluctuate around the morning’s 2527.50 bias-up signal. Triggering no-bias was almost accidental, considering the narrow aimless ranging.

But an offsetting test of the morning’s 2520.25 bias-down signal was put into play. And it wasn’t invalidated, so it became “unfinished business below.”

Those “unfinished business belows” are adding up, not unlike a monthly bar tab that suddenly comes due. Under 2520.25 is Monday morning’s no-bias trending retracement from 2509.50. And potentially lower.

Meanwhile, Tuesday’s rally held a test of the morning’s 2532.00 bias-up target. It was never put into play, but as long as it’s being tested, it should define the detour before fulfilling the 2520.25 bias objective. Having trended up into Tuesday’s close, gapping down Wednesday under Tuesday afternoon’s 2528.50 low could form a “session-long decline.” The trend otherwise remains up, next targeting 2541.50.

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

Monitor overnight Globex trading in the chaRTroom here.