Market Wrap (recording & summary)

Tuesday night’s open spiked up and surged to attack Monday’s intraday high up to 2521.25. Overnight action plunged under Friday-Monday’s range down to 2452.25. But greeting the open at 2468.00 was extended to 2520.50 through the afternoon bias environment, was quite different from the overnight texture, and stopped short of reinstating the bear market rally.

Ultimately, none of Wednesday’s competing influences won the day:

• The overnight slide didn’t exploit its open under prior lows, which would not have required filling the gap back up to Monday’s close, inhibiting further decline.
• The open delayed recovering back into Friday-Monday’s range to avoid forming a bullish Isolation setup.
• The intraday recovery filled the gap back up to Monday’s ~2505.50 close and tested ~2510.00 intraday highs, neutralizing their attractions above.
• Monday’s ~2510.00 intraday highs weren’t finally recovered before coming within 3 minutes of the cash session close, which would have signaled a new rally leg underway (making 2525.25‘s signal only a formality).

Ultimately, Wednesday’s session wasn’t predictive either way. Which is yet another version of Sunday night and Monday’s sessions, now all three lacking predictive value and directional resolution. Fresh highs would still be attracted to 2525.25 (Wednesday afternoon’s 2521.25 bias-up target remains outstanding). Probing instead under Wednesday afternoon’s 2495.00 lows could evolve into a deeper decline.

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