Market Wrap (recording & summary)

In yesterday’s Market Wrap, I asked whether last week’s interim pullbacks to 2563.75 refueled the rally to exceed its 2590.50 objective. The next higher objective at 2617.25 isn’t put into play until closing above 2590.50‘s room for noise up to 2600.75. Meanwhile, topping can test 2600.75, too. So, the two scenarios can be perfectly identical for awhile.

One clue is in the rally’s self-preservation techniques. Holding tests of 2563.75 was one, but that’s been done. Another is to create attractions above and then leave them outstanding as “unfinished business above.” A “new Globex trend extreme” was created Monday night, but it was neutralized as soon as was possible by the morning’s retest of it.

No unfinished business below was left outstanding, either. The morning’s reversal objective at 2583.50 was probed by nearly 3 points. There’s no live attraction in-play, the last attraction has been met and held, and a reaction down has held above relevant lows. So, Wednesday’s session isn’t likely to trigger a meaningful signal. So, trending Wednesday is likelier to be counter-trend. Another clue.

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

Monitor overnight Globex trading in the chaRTroom here.