Market Wrap (recording & summary)

What should have happened Monday, did, whether to end the pullback or to extend the decline. Unfinished business below was neutralized at 2372.25 and 2368.50. Potential to lower lows was rescued by exiting the bias environment high enough.

What could have happened for extending the decline did not happen, since all unfinished business below is neutralized. And what needed to happen for reversing the pullback may have begun. The afternoon’s rally gained traction by exiting the bias environment above the noon hour and then trending to fresh highs through 3:10-3:20.

Monday’s close was still negative, but that’s not necessarily bearish. Last Tuesday’s negative close reflected a vacuum back up to unchanged, which was leveraged into a gargantuan rally. After recovering 2381.50, extending higher would encounter resistance on the way to objectives at 2404.50 and 2418.00.

Details and other markets coverage are discussed in the post-market Wrap recording here.

Monitor overnight Globex trading in the chaRTroom here.