Market Wrap (recording & summary)

Isolating a session’s trending effort to only part of the day isn’t unusual. Isolating it to the same part of the day for several consecutive sessions isn’t impossible. That, and then each of those days behaving the same way during the rest of the sessions… unusual.

Yet Tuesday was the third consecutive session to trend throughout the morning. Or through most of the morning. Or, anyway, to confine trending to the morning, and to be defined by it. And it was the fourth consecutive afternoon to range sideways — defined as the morning bias window’s 11:30-noon exit defining the afternoon’s range. No traction is gained.

The go-and-stop action reflects common sponsorship. And that sponsorship has been pretty productive. But it’s running out of steam and into difficulty. Tuesday’s 2899.25 cash session close was flat with Monday’s high, and touching its 2906.25 bias-up target pre-open responded immediately to buying pressure being met.

Meanwhile, there’s still unfinished business above, in the overnight high being a “new Globex trend extreme.” And that’s likely to be tested up to 2909.00. All of which might be delayed by unfinished business below at 2892.25, which could easily be tested down to 2884.50 or 2880.25. And there’s little time to fit in a dip before the the 3-day holiday weekend’s bullish influence arrives.

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