Market Wrap (recording & summary)

Optimism was alive and well Tuesday. Overnight action waited only for the Chinese Premier’s speech before starting to recover all of Monday afternoon’s 43-point collapse. Monday afternoon’s high and Friday morning’s post-open high resisted the overnight recovery, and Tuesday morning probed higher. A deep 27-point reversal was isolated to the noon hour and then recovered to even higher highs.

But the session didn’t trend. Zukerberg’s late appearance inhibited sponsorship from actually trending higher. Optimism prevented trending back down. But the lack of trending does not equate to basing. Simply hovering throughout the day is no likelier to resolve up than to resolve down.

The rally gained no traction for its efforts Tuesday. Extending the rally Wednesday would require gapping up, probably above last Thursday’s 2672.00 highs. Meanwhile, the pattern remains vulnerable overnight to retracing Monday night’s recovery of its afternoon decline, and to greeting Wednesday’s open back at Monday afternoon’s lows.

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