Market Wrap (recording & summary)

Tuesday’s overnight range broke higher very near the open, which is usually unsustainable. In fact, it was retraced back down to “lower prior highs” at 2748.00 from 2753.50. That opening range was round-tripped once more but never probed any lower. And there was still time for the bias environment to fulfill its 2757.50 bias-up target by 1 point.

The afternoon bias environment probed higher to 2760.00 but was exited under the morning’s highs. Selling resumed, although signals were slow to extend, but ultimately retested the 2751.00 opening print. Similar opening and closing levels at a new extreme often identify that extreme as being durable. So, any distributive or reversing price action will be that much more credible.

Meanwhile, there’s Tuesday afternoon’s bias-up. It triggered, barely, after barely invoking the grace period. And it barely printed a higher high. But however shallow, it did print a higher high, and the opportunity to reject it was not exploited. So its 2765.25 bias-up target barely becomes “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.