Market Wrap (recording & summary)

After initially bouncing overnight up to 2884.50 resistance, China tariff headlines triggered a slide to 2867.25 through Tuesday’s open. The artificial catalyst was quickly reversed, recovering tests of both bias-down parameters. Offsetting tests of both bias-up parameters were soon fulfilled — the 2884.50 bias-up signal was met coming out of the bias window, and a surge into the noon hour met the 2890.75 bias-up target.

The morning’s bias-up target and the afternoon’s 2891.25 bias-up signal, being resistance, held the upper-end of a consolidation down to 2887.50 through the close. No unfinished business was left outstanding.

No traction was gained, so immediately resuming Tuesday’s rally Wednesday would require gapping up. That’s also required for immediately extending Tuesday’s outside day. Next higher upside objectives begin at 2895.50. Whether overnight or post-open, pullbacks have room to “lower prior highs” at 2882.00-2883.00. Back under 2879.75 through any relevant window could extend the 2-week old pullback to fresh lows.

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