Market Wrap (recording & summary)

Tuesday’s “inside day” didn’t seem like it. But only because of the wide intraday range it had to roam. Opening essentially flat with Monday’s close at 2641.00 and quickly surging to 2675.00 doesn’t seem like an inside day, but that was still well under Monday afternoon’s 2683.00 high. Two more swings eventually attacked 2640.00 and bounced again to 2686.00 before the close, just above Monday afternoon’s 2683.00 high — and still well under Monday morning’s 2707.00 high.

Inside day.

Inside days tend to reflect weak-handed sponsorship. So, being biased upward suggests that strong hands are still sellers. That said, inside day or not, “weak-handed” buyers did produce a 41-point rally. Initially extending higher Wednesday would get a benefit of the doubt for extending higher intraday. Meanwhile, trending down overnight could get into position to extend down through Wednesday morning.

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