Market Wrap (recording & summary)

Tuesday was a most unattractive session for trading opportunities. But it wasn’t the least attractive opportunity to apply the methodology. One aspect, at least — to know early that it would be a dry cleaners morning (more productive to run errands). The afternoon gave the same signal, and applied until the bias environment began lapsing at 2:30.

That’s precisely when the noon hour’s high was probed. And that probe persisted through the close, touching Monday’s 2557.75 opening high.

Having closed within prior intraday ranging, extending higher Wednesday all but requires maintaining a gap up through the open. The pattern otherwise remains vulnerable to declining immediately — more so a serious attempt at reversing the trend down, and less for backing-and-filling.

On that latter point, note that Tuesday’s close trended up. And also that the afternoon’s 2552.50 low was contained in the bias environment. So, gapping down to and/or through 2552.50 could form a “session-long decline” setup. That’s not the session’s only possible setup, but it makes selling overnight weakness more compelling than buying it.

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

Monitor overnight Globex trading in the chaRTroom here.