Market Wrap (recording & summary)

As of Tuesday’s close, there is no “unfinished business” above. As of Tuesday’s open, there was a 2-week old bias-up target at 2866.25 outstanding. And there was a likelihood for probing it up to 2873.00, potentially also to 2883.00. Tuesday’s gap up surged to 2866.25, and the noon hour tested 2873.00. That was also the bias-up signal, and it didn’t trigger. There is no unfinished business above.

Tuesday’s gap up to 2863.50 touched the 2-week old highs. Any higher would have required being tested from below in case the market decides to reverse down without delay. Similarly, Tuesday’s 2863.50 close is not above all prior highs, and won’t create a gap that want to be filled from below.

Speaking of both opening and closing at 2863.50. In the context of trending, that tends to represent indecision. The intraday probe of higher highs gained no traction for its effort. And speaking of traction, the bias environment exit was at or under the noon hour’s low, while the final hour was entered even lower. The setup has no requirements to extend, but not gapping up — or rallying without gapping up — would be likely to resolve down.

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