Market Wrap (recording & summary)

As of 3:35pm ET

The Isolation setup’s minimum objective, or reward, is to retrace the last leg’s origin. Which would be a new high for the setup that formed through Tuesday’s open. Tuesday’s open at or above 2897.00, which already exited the afternoon bias environment probing 2 ticks above last week’s 2917.25 “new Globex trend extreme.”

So, that’s done.

Meanwhile, another setup formed by exiting the open above Monday afternoon’s last relative high at 2903.00. Which made up by proxy for Monday’s close not recovering 2897.00. The setup has no particular objective or reward, only the indication of the pullback having ended. So, Tuesday’s retest of Friday’s highs should extend, and not form a top.

Not necessarily in a straight line. Thinner volume during Wednesday’s Yom Kippur holiday will inhibit extending the trend, while a pullback could easily dip to 2903.00 alone as noise. Thinning volume can also make it difficult to stop price that extends higher anyway.

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