Market Wrap (recording & summary)

Closing flat Tuesday with the opening print seemed too little reward for having recovered from Monday night’s drop — regardless of the wide intraday range. That’s why Tuesday night’s drop to lower lows wasn’t surprising. Keep that in mind.

Tuesday night’s drop to 2780.50 was recovered enough for a post-open surge to 2792.50. None of which absolved the same weak-handed sponsorship that was likely to resolve down. And it did, collapsing to test the next lower objective at 2777.00 and retesting it by 2 points.

Everything under the morning’s 2784.25 bias-down target was a knee-jerk reaction to China trade headlines, an artificial catalyst likely to be retraced. Its timing was ultimately isolated to the bias environment, inhibiting another timing window from repeating the effort. The intraday recovery eventually reached 2796.25, back in positive territory and above the open’s initial high.

So, was that enough reward for having absorbed the open’s collapse? Not necessarily. The cash session close was still overlapping Tuesday’s 2791.50 open and close. Post-close action extended up to 2797.25, but that’s post-close action. Thursday’s open should already be in rally mode unless another downleg is underway.

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