Market Wrap (recording & summary)

Tuesday’s open was greeted by largely bullish holiday price action that launched a gap up 2 points above last Wednesday’s high to 2353.00. Assisting the trend was a bullish WedEX that had been influential Friday afternoon. Extending sharply higher renewed the 2355.00 bias-up signal through its 2361.00 bias-up target, putting into play 2365.00-2366.00. Which was attacked to within 1 tick.

RSIs were no longer simultaneously overbought when the morning’s peak was reversed 9 points down to 2355.75. Firming through the afternoon bias environment then rallied through the close to pierce the morning’s high by 1 tick. The 2365.00-2366.00 target was barely touched, but it was touched.

And apparently, the target was also neutralized. RSIs had diverged negatively at the late high, facilitating a last-minute dip down to 2363.50 at the cash session close. Futures extended lower to attack 2358.00. Not at all shallow, but still too little and too late to be predictive of a resolution. Nevertheless, it is certainly reflective of the atmosphere up here. And a reminder that there is no “unfinished business above” to inhibit reversing down.

Details and other markets coverage are discussed in the post-market Wrap recording here.

Monitor overnight Globex trading in the chaRTroom here.