Market Wrap (recording & summary)

Tea break’s over? Tuesday night’s slide under intraday lows had been retraced back within Tuesday’s range before the open. That isolation held Wednesday’s session within Tuesday’s range. This, after Tuesday had also only ranged, choppily around Monday’s highs. Two consecutive sessions contained essentially within 2640.00-2662.00.

Those two consecutive sessions don’t account for the overnight dips. Tuesday night’s got down to 2626.00. Its retest is likely Thursday — if not Wednesday night — unless Wednesday night rallies to produce a gap up Thursday. Buyers gained no traction Wednesday, so rallying Thursday all but requires gapping up, at least above 2555.00.

Retracing to Tuesday night’s 2626.00 low is really resuming the decline. Obligatory support at the gap back down to Friday’s 2604.00 close would likely be only temporary, as would any bounce from testing Friday’s 2684.50 low. Otherwise, rallying overnight and Wednesday morning could be limited to 2672.00 or else 2715.00-2722.00.

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