Market Wrap (recording & summary)

REMINDER: I’m traveling this week, and will have a staggered intraday schedule after the Market Tour and opening hour…

Tuesday afternoon’s rally from its 2885.50 low got to 2889.00, yet still remained in negative territory. Exiting the bias environment above the noon hour’s high could have gained traction by extending higher into the final hour, but didn’t. Even the 3:10-3:20 proxy window failed to exploit the opportunity to confirm upside traction.

None of which points down Wednesday. But rallying without delay won’t be credible without gapping up above a relevant resistance. Tuesday morning’s 2901.00 high would be a start, but less than optimal.

Stopping 1 point short of touching the next lower objective at 2884.50 wasn’t a deal killer for launching a credible rally. But not yet launching a credible rally does suggest 2884.50 will be better tested, and probably down to 2880.25, without gapping up sufficiently Wednesday morning.

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