Market Wrap (recording & summary)

Sunday night’s rally up to 2721.50 wasn’t able to escape the orbit of 2708.00-2709.00. Its room for noise at 2705.50-2712.00 was re-entered soon after Monday’s open, and contained the balance of the session. But that only delayed Sunday night’s intent, and Monday night’s rally compensated for the delay.

Bias-up parameters had been far exceeded overnight, but Tuesday’s open was greeted at the 2727.75 renewed bias-up target. While also testing “higher prior lows” from the Tue-Wed consolidation at last week’s highs. After having trended relentlessly overnight. All of which was entirely vulnerable to losing the rally’s sponsorship. But reinforcements arrived immediately to extend the rally.

The ultimate objective at 2751.00 was attacked to within 3 points during Tuesday afternoon’s bias environment. Its shallow correction to 2741.50 reacted back up into the close. Wednesday’s peak liquidity ahead of the three-day holiday weekend offers a template that both fulfills rejects the higher objective before entering the noon hour. Maintaining higher highs into the afternoon would be much more difficult to reverse down.

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