Market Wrap (recording & summary)

Differences aside, Monday and Tuesday’s similarities include both a large optimistic presence, and an a large slide through the afternoon. Monday’s optimism was the rally that followed its opening plunge, but Tuesday’s optimism was the three shallower rallies that each retraced to unchanged. Declining through the afternoon was much more persistent Monday, extending through the position-squaring window. Tuesday’s afternoon drop ended with the final hour.

Notice how time shifted forward on Tuesday. That has some interesting effects.

Monday’s late low is what enabled the Tuesday’s overnight and intraday optimism. But Tuesday’s late bounce has already used its optimism, recovering 31 points of the 45-point point slide. In fact, already exploiting that optimism is what enabled a 26-point slide through the close.

What typically comes next after timing window behavior shifting forward? Legs accelerating their trends. Tuesday’s low fulfilled its objective of probing under Monday’s low, attacking the outstanding 2530.00 target to within 1 point. That’s close enough not to become “unfinished business,” but only if Wednesday’s open is greeted at Tuesday’s late 2562.50 high and higher. The trend otherwise remains down, and vulnerable to accelerating.

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