Market Wrap (recording & summary)

Holding this morning’s test of its 2364.00 bias-down signal had put into play an offsetting test of its 2372.25 bias-up signal. Breaking sharply lower to 2357.50 came too late to prevent 2372.25 from becoming “unfinished business above.”

The break to 2357.50 held its support, which had been the bias-down target. And the actual selling was short-lived as the context suggested. But 2364.00 held its recovery instead of returning into positive territory. It’s not necessarily bearish, and the vacuum could represent ineffectual pessimism that resolves up sharply Wednesday.

Resolving back down would next target the 2354.00 area. It could be tested in a deeper detour before reversing back up to the highs — 2372.25 up to 2373.75. But the rally is tentative. And not exploiting the proximity at Monday’s close to confirming its breakout on Tuesday does suggest the rally’s momentum is in jeopardy.

Details and other markets coverage are discussed in the post-market Wrap recording here. SPECIAL NOTE: The recording’s host is affected by the Amazon server outage, so it may be unavailable for viewing.

Monitor overnight Globex trading in the chaRTroom here.