Market Wrap (recording & summary)

The immediate rally that was required by Monday’s close was perhaps a little too immediate. Overnight action had already tested Friday’s 2294.00 prior high. And post-open action was still testing its resistance — not rejecting it, but not overpowering it, either. Maintaining the overnight rally, and Tuesday’s gap up, triggered bias-up. But it was never any more productive than its pre-10:15 high, and was rejected back under the pre-10:15 low.

The consequence was to test 2286.50. It was met during the noon hour, and it supported the afternoon range. Like the morning’s 2294.00 resistance, the 2286.50 support avoided breaking, and also avoided reversing. Breaking lower overnight would target a test of 2280.75.

Recovering an overnight dip by Wednesday’s open to isolate it, or avoiding an overnight dip altogether, could launch the rally leg that had been threatened at Tuesday’s open. Not already somehow rallying at Wednesday’s open would keep the door open to a deeper pullback.

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

Monitor overnight Globex trading in the chaRTroom here.