Market Wrap (recording & summary)

In case you couldn’t join is in real-time, the post-close In-depth Overview was recorded here…

Tuesday night’s dip to 2785.50 had already begun recovering by midnight and was largely recovered before Europe’s opens. The intraday attempts to probe the 2803.00 area to 2811.25-2812.00 remained intact. Reversing down from there was a vulnerability so long as it wasn’t approached aggressively. But it was, and it was exceeded up to 2826.50.

That was the afternoon’s peak. The rally had otherwise ended with the morning’s bias environment. Its break higher from a Complex Inverted Head & Shoulders was doomed to failure, even if not attempted during a no-bias environment. Its reversal tested 2814.00 as support, and the final hour ranged sideways back up to 2820.00.

Closing above the Head & Shoulders 2824.00-2825.00 resistance would have been bullish, suggesting the bearish pattern had run its course. Gapping up above it would serve by proxy to form a bullish WedEX, which is otherwise bearish for Wednesday having been contained within last Monday’s range. Regardless, as I began discussing last month, I’m reviewing the indicator as being influential only to Monday mornings, depending upon the Friday afternoon price action input. None of which applies after Thursday’s open.

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