Market Wrap (recording & summary)

Monday afternoon had hesitated to extend above 2951.50 ahead of post-close GOOGL earnings. That became a late dip that extended down through the close to 2942.00 and then to 2936.00 overnight. All of which could have been reversed had the overnight bounce to 2945.50 been maintained. But its reaction greeted the open too low and the overnight low’s retest eventually resolved down sharply to 2926.00.

Monday’s “unfinished business” above at 2954.25 would seem to be in another universe at that point. Unfinished business was created below on oversold RSIs at the morning’s 2926.00 low. None of which prevented the morning’s bias environment exit from surging back into the 2935.00-2940.00 post-open range. Or from probing above the afternoon’s 2941.50 bias-up signal, despite already triggering no-bias.

AAPL’s post-close earnings is probably responsible for hovering at the afternoon’s 2947.00 bias-up target — despite not triggering bias-up, and being no-bias trending. And now a last-minute surge to 2950.50 has extended sharply higher to 2956.50 in reaction to AAPL’s favorable earnings reaction. AMD did well, too.

Unfinished business above is neutralized. Extending the rally Wednesday morning will be difficult ahead of the afternoon’s FOMC events. Potential to back-and-fill is likelier than actually reversing the trend down. Extending higher would next target 2969.00.

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