Market Wrap (recording & summary)

PROGRAMMING SPECIAL ANNOUNCEMENT: I’m hosting a special introductory overview of the If Then method after Wednesday’s close. Onboarding for newer subscribers, refresher for seasoned subscribers, and a good opportunity to focus on strategy and tactics as market volatility begins heating up again… More info to follow.

Gapping up to 2755.00 and trending almost straight up entered the noon hour at 2781.00. The rally’s character changed slightly, more of stair-stepping than relentlessness. But pullbacks weren’t much deeper, and they maintained the ongoing trending series of higher highs and higher lows.

The afternoon’s bias-up signal triggered, missing perhaps the session’s last serious opportunity to reverse the trend down. Meeting the 2788.00 bias-up target didn’t reverse down any more so than the session’s previous consolidations, as the last half-hour hovered at the highs.

Avoiding an intraday correction was Monday’s last bit of excessive optimism. Add it to having gapped up, rallying sharply then relentlessly. None of which equates to being a sell signal. But no “unfinished business” remains outstanding, testing the 2775.00 higher prior lows and the afternoon’s 2788.00 bias-up target.

The bias environment’s 2:30 exit did lapse above the noon hour high, and the 3:10-3:20 proxy window trend to fresh session highs. That’s officially traction. It’s not as reliable since the afternoon bias environment only ranged narrowly around its entry. But not already trending down overnight would be likely to probe higher Tuesday morning.

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