Market Wrap (recording & summary)

Monday’s late-afternoon slide had broken under the uptrending support of an Ascending Triangle pattern we were tracking. The relentless 28-point overnight rally greeted Tuesday’s open back at the broken uptrending support, and extended higher to reject its interim break.

The open had one chance to reject the overnight rally, but the opening 15 minutes of volatility held the 2773.00 open. Extending higher through that window would have been optimal, but hovering pessimistically short of Monday’s 2779.00 highs was bullish enough.

Apparently. The balance of the session trended up relentlessly, adding 36 points to 2816.00. Even a very last-minute pullback to 2808.00 was recovered through the futures close to 2919.00. That’s 64 points above the overnight low.

That’s also the lower-end of 2919.00-2923.00 resistance from a Running Correction that had formed during last Wednesday afternoon’s decline. The next higher resistance is 2838.00 “higher prior lows” from that morning’s consolidation. One or both is likely to be met if Wednesday’s open isn’t greeted by already reversing back under Tuesday afternoon’s 2808.00 bias environment highs.

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