Market Wrap (recording & summary)

It shouldn’t be surprising that 2240.50 essentially defines Tuesday’s afternoon’s low. Breaking under it on Friday had put into play a complete drop through the entire 2230-handle.

A multitude of elements require that it break again — not necessarily all the way back to Friday’s lows, and not necessarily holding Friday’s lows if tested. None of which prevented breaking higher during Tuesday’s 3:37-3:52 position-squaring window.

Sharply higher. Potential to 2252.25 was reached by the final bar. Price still sits there now. Neither sellers nor buyers had gained traction before the late surge, so gapping down under Tuesday afternoon’s 2240.00 low could form a “session-long decline” setup. Any shallower opening dip could extend the recovery Wednesday morning.

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

Monitor overnight Globex trading in the chaRTroom here.