Market Wrap (recording & summary)

Tuesday didn’t rally throughout, but it rallied a lot. The 2750.50 open was well off the 2735.75 low, and a post-open surge extended that quickly to 2758.50. Reacting down to 2746.25 probed a fresh post-open low, but it was also the post-open low. Rallying gradually higher into the final hour touched 2769.00.

Timing undermined both sellers and buyers. Correcting the morning’s recovery from 2764.00 by 20 points held its test of 2756.00 as support, preventing sellers from gaining traction for having probed under it. Extending higher through the afternoon held a test of 2767.00, preventing buyers from gaining traction for their efforts. More so, waiting until minutes before the final hour’s entry to actually probe above 2767.00 wouldn’t have been reliable if maintained, which it was not.

Extending higher from this pattern all but requires gapping up, preferably above 2773.50. Dipping again would have potential to hold 2756.00. But its break at this stage would likely target a retest of Monday night’s low down to 2732.00.

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