Market Wrap (recording & summary)

Tuesday’s price action was much more volatile than Monday. Yet they both developed around 2743.00-2747.00. This range is either the temporary probe above prior highs, or else the delayed launch to another upleg. Each probed a fresh morning high before reacting down to probe under the open. And each reaction was largely recovered to attack the morning’s high.

Tuesday’s close was above 2743.00-2747.00, and traction was gained through the bias environment exit and final hour entry. The proxy window undermined the upside traction, but didn’t invalidate it. So, resolving down should be obvious almost immediately Wednesday, before Tuesday’s traction can attract new sponsorship. Otherwise, not extending down would likely produce an aggressive and substantial rally — the same rally Tuesday afternoon could have produced.

Meanwhile, Monday and Tuesday’s sideways range has formed a multi-session range. Closing beyond either end of its range would be a breakout. Closing lower would have support back down to 2736.00. Breaking higher could become a two-day affair.

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