Market Wrap (recording & summary)

It might seem odd that Tuesday’s session shared a relevant feature to last Thursday and Friday, since Tuesday ranged choppily sideways, but Thursday and Friday trended down exclusively in negative territory. How are those similar? Because both sets expended a lot of selling pressure, without maintaining a break under a relevant support.

Thursday and Friday retraced much of its prior session’s (Wednesday) rally. Tuesday has retraced all of its prior session’s (Monday) range.

Of course, Thursday and Friday did resolve down through relevant support. Tuesday’s session may yet do the same, and for a similar reason — bottom-fishers aren’t comprised of strong-handed buyers, as seen by ending the period at or near the lows. The next lower objective is 2696.00 and then 2786.00. Gapping up above Tuesday afternoon’s 2740.50 high would start to signal momentum reversing up, instead.

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