Market Wrap (recording & summary)

Apparently, rallying overnight and then surging at Tuesday’s open had a purpose — to create room for expending selling pressure without yet resuming the decline. The session had potential for being corrective, since Monday had confirmed Friday’s break under prior lows.

The 2823.00 open had extended sharply to the morning’s 2835.00 peak. Trending back down through the afternoon bias environment fell to 2808.50. Which is a lot of selling pressure to have expended until so late in the day, without yet probing back into negative territory. That became our focus in the chaRTroom, and the last 60-90 minutes bounced back up to the 2823.00 open.

Closing unchanged from the open reflects an equilibrium session. Not to be confused with inert, as the session ranged considerably either way. But the 45-point rally from Monday afternoon’s 2789.50 low was also a 61.8% retracement back to Thursday’s 2863.00 high, which is natural resistance.

Extending any higher would have potential to 2846.00 and possibly 2852.00. Meanwhile, already ending the correction and resuming the decline would simply target fresh lows, and probably in an aggressive manner.

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