Market Wrap (recording & summary)

Tuesday’s open compensated for Monday’s failure to recover 2681.50. Probing it late Monday afternoon had dipped back under it through the cash session close, and barely settled back up at it. But overnight action had firmed and extended enough for the open to absorb a 7-point drop to 2692.50 without even threatening to re-enter Monday’s range.

The opening dip was quickly absorbed, and the rally was quickly resumed. It extended into the noon hour up to 2708.50, and resumed coming out of the afternoon bias environment. The next higher objective at 2715.00-2722.00 was attacked to within 5 ticks during Tuesday’s last half-hour. Another pullback similar to the open’s dip still found time to test the morning’s highs down to 2705.50.

Maintaining a gap up Tuesday had triggered by proxy the setup that almost triggered Monday afternoon, which pointed higher through Wednesday morning. That’s still likely, so long as Wednesday’s open doesn’t gap down too sharply. Nothing would prevent a morning rally from extending higher through the close or being reversed through the afternoon. Beige Book and WedEX will be relevant influences at the time.

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