Market Wrap (recording & summary)

Tuesday’s gap up above Monday afternoon’s 2567.50 high formed a session-long rally setup. Immediately collapsing 34 points to test Monday’s 2550.50 close down to 2547.50 seemed to dash the setup. Interestingly, with the morning’s bias environment being the one exception, all other timing windows probed their prior timing window’s high. So, if that’s considered a successful setup, then Wednesday morning should probe above Tuesday’s highs.

The intraday recovery did recover the open’s 2576.00 gap up. Its attraction would have been left outstanding to inhibit or at least question any interim decline. But now that is neutralized.

Meanwhile, closing above the 2548.00-2555.00 range puts into play 2606.00. Closing back under the range Wednesday would not confirm the higher target, and would also reverse the trend down. Until then, the burden of proof is on sellers.

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