Market Wrap (recording & summary)

Monday’s close had fallen short of signaling the next higher attractions in-play. An overnight probe of fresh highs up up to 2746.00 had ended before reinstating Monday afternoon’s upside momentum. Finally, a deeper pullback to 2730.00 was recovered back above 2738.00 to reinstate upside momentum. The higher attractions were quickly filled up to Friday’s 2751.25 opening gap.

The balance of the session essentially ranged sideways. Up a little to 2753.25, down a little to 2738.00 (where oversold RSIs will require an eventual retest). Then firm back into the range above 2746.00 and await the overnight election resul… WHOA WAIT A MINUTE…

The last 15 minutes suddenly surged 16-17 points through the close up to 2761.00. We had just finished the Market Wrap’s discussion of potential up to 2758.00. Let’s adjust that up to 2764.00. Not that 2758.00 requires a retest — it isn’t a “new Globex trend extreme” — but there’s still room for noise.

Perhaps anxiousness ahead of Tuesday night’s election results kept the session ranging choppily sideways. Perhaps last-minute optimism (what could go wrong?) accounts for the late surge. We’ll know more overnight, and I’ll be checking into the chaRTroom to compare market sentiment and high-profile race results for any predictive values.

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