Market Wrap (recording & summary)

Greeting Tuesday’s open at or above all prior highs needed to reverse down quickly, if the morning were going to reverse down at all. But the opening 15 minutes of volatility probed a fresh high instead, albeit momentarily. And the alternative to reversing down was to trend up, which became increasingly likely as selling failed to materialize.

Recent optimism has been characterized by shallow consolidations and gaps up that don’t trend intraday. That optimistic environment combined with the session’s bias-up targets to produce another optimistic session, as defined by its substantial relentless uplegs. That difference in character is obvious. Tuesday’s bigger difference is that now the optimism is obvious, and backing-and-filling would be a sign of weakness.

Meanwhile, this leg has room up to 2631.75, and the rally has potential up to 2657.25. Neither of which is assured, especially if pushback on Wednesday is substantial.

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

Monitor overnight Globex trading in the chaRTroom here.