Market Wrap (recording & summary)

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Wednesday was pretty volatile for an inside day. So was the overnight action preceding it. Both contained round trips that at first dived sharply, and then recovered entirely. Which defines Tuesday intraday pattern, sliding 25 points down to 2722.25 and then recovering back to the morning’s high.

The overnight action was shallower, dropping 11 points before recovering into the open. Which had initially surged before collapsing 14 points to touch Tuesday’s 2722.25 low. Its recovery was quick, and quickly peaked within 1 point of the post-open surge up to 2735.50. The post-open collapse had triggered bias-down, and confirmed it with fresh lows between 10:15-10:30. Its 2720.25 becomes “unfinished business.”

Nothing about an inside day requires that it resolve within any specific time frame, or even that it resolve first in either direction. Similarly, nothing about an inside day undermines the underlying trend, which in this case is targeting 2751.00. But a rubber band stretch down or else a gap up are the fastest ways to resume trending.

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