Market Wrap (recording & summary)

Tuesday’s flat open at 2642.75 eventually probed up to 2650.00, then reversed down to 2638.25. The reversal came in time to avoid triggering bias-up, but then a surge came in time to invalidate the no-bias. The no-bias objective was fulfilled anyway, as yet another reversal probed attacked overnight lows to within 3 ticks at 2629.25.

And that was it for Tuesday’s trending. An otherwise invalidated signal, nevertheless fulfilled. No other indications of sponsorship developed, and the balance of the session ranged choppily to barely probe positive territory. Perhaps inhibited ahead of AAPL’s post-open earnings.

An actual probe above Tuesday morning’s highs wouldn’t be surprising, as described during the Market Tour. Oversold RSIs at the low do require an eventual retest. Wednesday afternoon’s FOMC events may inhibit the morning’s volatility, but should enhance it in the afternoon.

UPDATE: AAPL earnings a little better than estimates, certainly not disappointing, and generating an upside reaction (for now).

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