Market Wrap (recording & summary)

Tuesday’s action developed overnight, and then through the open, and then it stopped. “Unfinished business below” at 2721.50 was neutralized by fresh lows before Europe’s opens. (Before, i.e. defensive posturing.) Another drop, larger and steeper, fell to 2712.50 before the open. And that was extended to 2703.25 through the first half-hour.

That’s a lot of momentum, a lot of ground covered, and a lot of supports broken. But that was also the end of the downside momentum. No upside momentum replaced it, so several wide swings defined a 11-12 point range that gradually pierced lower and lower lows down to 2700.50.

The last half-hour’s bounce to 2711.00-2712.00 ended at the range’s last relative high. It had become too late anyway to recover anything predictive, or to offset that the range had gained no traction either way.

Gapping down under the afternoon’s 2701.00 low would be credible for probing fresh lows, to 2695.00-2696.00 and possibly to 2689.00 or 2682.00. Gapping up above the morning’s 2715.50 high would be credible for bouncing intraday.

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