Market Wrap (recording & summary)

Tuesday avoided a repeat of Monday’s plunge. That’s not necessarily bullish, and probably isn’t. But it leaves only a very narrow window for tracking the 1987-style crash template — by trending down sharply Wednesday either without delay or by the morning bias environment exit. Regardless, Tuesday’s bounce is still likely only a temporary correction, likely to resolve down anyway.

Overbought RSIs at Tuesday’s 2618.75 high require a retest. That should include 2620.00 and potentially 2628.00 or 2631.00, while still being only a temporary correction of Monday’s plunge. Meanwhile, “unfinished business below” was left outstanding at 2566.50, which should be tested on the way to resuming Monday’s plunge.

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