Market Wrap (recording & summary)

Monday’s impressive surge had only extended higher overnight. Not at the same slope or to the same degree. And not for very long after Europe’s opens failed to provoke higher highs. Disappointment and concern triggered a slide that fell to 13 points under the overnight high. But the only critical factor was whether the earlier overnight low would be recovered, because its break would be bearish after having probed the prior intraday high.

The earlier overnight low was recovered, and sellers were marginalized. Marginalized until the overnight drop’s buyers were rewarded for rescuing the rally. That because the morning’s high, which probed 2-1/2 points above the overnight high. But entering the noon hour back under prior highs signaled that buyers weren’t gaining traction for the effort.

The balance of the session chopped sideways in a 7-point wide range that hovered exclusively above the prior intraday range. The only “unfinished business above” is the overbought RSIs left outstanding at the morning’s high, which can be neutralized overnight.

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