Market Wrap (recording & summary)

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Tuesday afternoon’s rally was premature. It originated during the bias-down signal, from under its 2728.50 bias-down signal, requiring its eventual retest. That didn’t prevent probing the morning’s high by 3 ticks up to 2737.75. The high held its test, and its reaction violated a pullback limit. But momentum didn’t reverse down.

The rally’s adjusted 2751.00 target and its room for noise up to 2757.00 remain in-play. But not upside momentum after a late dip violated the latest pullback limit. So, no hold-long, despite the attraction above. And no hold-short, despite the “unfinished business” below at 2728.50 (which can be neutralized overnight, and often also retraces the 1:20 print which was 2725.50).

Because Tuesday morning’s range contained essentially all of the afternoon, opening under Tuesday’s 2722.25 low could launch a more developed pullback.By the same token, avoiding an immediate break under Tuesday’s low should allow the rally to extend, possibly without delay.

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