Market Wrap (recording & summary)

Wednesday’s opening Globex-flip setup was productive. Exiting the open back under the 2813.25 earlier Globex low had isolated the overnight probe above Tuesday’s highs. The setup’s influence lasts either for the morning, or through the following morning. It lasted only through the morning, producing a drop to 2783.25.

The bias environment exit had retraced 61.8% of the post-open drop back up to 2801.50. That was extended to fresh session highs at 2819.50. Literally anything higher would have started a domino effect of testing the 2819.50-2823.00 upper-end, and breaking the 2824.00 overnight highs up to 2838.00. But a dip back down to 2800.00 avoided the dominoes, and the balance of the session ranged choppily sideways.

The morning’s low stopped optimistically short of touching the multi-session Ascending Triangle whose breakout Tuesday is likely to fail. The low left outstanding oversold RSIs that require a retest. That’s the market’s next objective, likely to extend lower, unless overnight action has returned to the dominoes.

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