Market Wrap (recording & summary)

Monday’s late surge to fresh highs at 2667.25 was followed by Tuesday’s early surge to 2673.00. Both relevant levels, both fulfilling more and more buying pressure. And that’s after Monday morning’s surge to the 2660.50 target.

Pullbacks in between were shallow. So, no new buying pressure was created in between targets. Yet, the rally extended higher anyway. This is optimism — not necessarily excessive, but vulnerable nonetheless to suddenly realizing it has no sponsorship or reinforcements.

Tuesday became doubly inhibited by Wednesday’s impending news. Overnight results from a Senate vote that could impact tax reform’s chances, and the afternoon’s FOMC events. And once again, there is no “unfinished business above.”

• Details and other markets coverage are discussed in the post-market Wrap recording here.
• Monitor overnight Globex trading in the chaRTroom here.