Market Wrap (recording & summary)

A blow-off is underway. It’s not just four consecutive higher closes from the previous range. Or that three of those gapped up and all of them probed higher during the afternoon. Those elements reflect optimism, but not necessarily extended optimism or impatience.

The blog-off indication came after Tuesday’s close. It really began at the final hour’s entry, when a pullback from 2335.25 had dipped 4 points, but no deeper. Retracing the entire dip into the cash session close then extended post-close to attack 2338.00. We haven’t yet seen a post-close short-squeeze, until now.

There’s little to no chance that the trend extreme has printed. Or that reversing down into Wednesday’s open would not soon recover. But opening under Tuesday afternoon’s 2331.00 bias environment low would start to reject the rally above it. That would be especially bearish near-term if only fresh highs are probed overnight.

Regardless, a pullback has room down to 2327.00 and 2324.50 while being only temporary backing-and-filling. Extending higher first would next target 2343.00-2344.00.

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

Monitor overnight Globex trading in the chaRTroom here.