Market Wrap (recording & summary)

Tuesday’s open was greeted by already bouncing off of the 2782.25 overnight low. That didn’t leave much for a post-open rally, gapping up to the 2791.00 origin of Monday’s late drop. The retracement was likely because of the drop’s late timing. The morning only consolidated back down to unchanged at 2786.00.

A brief surge to 2794.00 peaked at noon, within 1 tick of Monday’s 2794.25 high. That wasn’t too pessimistic to prevent reversing down. The brief surge was doomed anyway, having left “unfinished business below” outstanding from the morning at 2782.00 bias objective. The reversal extended into the final hour, attacking 2782.00 to within 3 ticks and neutralizing it.

Turnabout is fair-play At least, it was for the late low, which had stopped optimistically short of touching the overnight low. Like noon’s peak, which was 1 tick short of touching Monday’s high before reversing down, the late low launched a 9-point rally back to the 2791.00 open. The session ended back in positive territory above Monday’s 2786.00 close. No new unfinished business was left outstanding.

Meanwhile, Bitcoin is resuming its collapse. Tuesday’s extension qualifies as part of the prevailing downleg, since the interim consolidation was kept shallow. A low, let alone a recovery , is premature.

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