Market Wrap (recording & summary)

Just closing at the upper-end of last Monday afternoon’s 2725.00-2732.00 consolidation made follow-through Tuesday likely. So long as the overnight didn’t dip, which it didn’t. But already trending up relentlessly throughout the night added an extra requirement that fresh highs be immediate. And immediate fresh highs must immediately attract reinforcements to avoid being rejected.

Tuesday’s open only made the rally even more difficult to extend, by immediately fulfilling its 2741.50 bias-up target. And then holding it. The reaction down was immediate, as was the low it made upon attacking 2732.00.

Suddenly, nothing else about the session was immediate.

Choppiness through the afternoon touched a buy signal at 2737.50 as the bias environment began lapsing. It was the session’s last sign of strength. The balance of the session slid sharply through support after support — the afternoon’s 2730.50 bias-down signal, 2725.25-2727.25, and finally touching 2721.50.

Most of the late reaction up to 2727.25 began after coming to within 3 minutes of the cash session close. The late drop’s selling pressure was satisfied, but no relevant resistance was recovered. Extending down without delay is likely, unless Wednesday’s open were to gap up above Tuesday afternoon’s 2738.50 high.

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