Market Wrap (recording & summary)

Tuesday morning’s trend change setup from fulfilling 2355.00 had produced an 8-point bounce into noon. Its 2363.00 high was retested after recovering from the noon hour’s 6-point dip. Which was still at least 8 points under Monday’s close.

Tuesday’s dip can qualify as the correction of Thursday-Friday’s two consecutive higher closes (Monday’s close was technically higher, but its intraday pattern had rendered it irrelevant). If that was the correction, than resuming the rally requires no further delay — no need to back-and-fill.

Meanwhile, despite the low’s trend reversal, Tuesday afternoon’s recovery didn’t recover any prior highs. There remains a vulnerability to retesting Tuesday’s low, potentially probing under it to test 2351.00. Even that fresh low could recover to resume last week’s Thursday-Friday recovery — if it can prevent sponsorship ahead of the afternoon’s FOMC from pushing price over the edge.

Details and other markets coverage are discussed in the post-market Wrap recording here.

Monitor overnight Globex trading in the chaRTroom here.