Market Wrap (recording & summary)

[MARKET WRAP WAS HELD ONE HOUR EARLY, AND I WAS AWAY FOR THE FINAL HOUR]…

Tuesday’s gap up held small dips to its 2789.75 bias-up signal that defined the open’s low. Eventually rallying up to the morning’s 2797.50 bias-up target defined the morning’s high. And the session high, too.

At least, as of one hour before the close. But the bias environment lapsed within the noon hour’s range, and the final hour’s entry was still overlapping the bias environment high. The 3:10-3:20 proxy window must extend to fresh highs to gain traction. Otherwise, trending up is unlikely, and trending up anyway would be likely to fail.

Wednesday is free to extend higher, although there’s no momentum in place to require it. A pullback would be triggered under 2788.00, but that could also develop into something much more substantial. Opening and (presumably) closing at the opening level — at the new extreme of a multi-session trend — suggests that sponsorship is nearly finished.

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