Market Wrap (recording & summary)

Prior highs were finally probed on Tuesday. Not only by the unimpressive 3-tick fresh high at 2600.25 overnight. And not just its impressive intraday retest after having been retraced back down to 2580.25 before Tuesday’s open. Prior highs were probed intraday up to almost 2614.00. And another 20-point dip to 2594.00 was recovered almost entirely to within 2 points of 2614.00.

The rally’s 2606.00 calculable objective is met. Still overlapping it during the 3:37-3:52 position-squaring window negates any predictive value from closing above it. Rather than requiring a test of its room for noise up to 2626.00 or putting into play 2656.00, there only remains room for noise up to 2626.00.

Meanwhile, having met 2606.00, the pattern’s vulnerability to a collapse is at its greatest. And already starting to trend down overnight would be valid. Not yet reversing down by Wednesday afternoon would start making the rally’s next higher objective at 2656.00 likelier.

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