Market Wrap (recording & summary)

“No-bias trending” isn’t usual, but it’s normal for strong hands to occasionally not defend against a weak-handed breakout. Retracing the broken bias signal is the normal consequence. Tuesday morning’s no-bias trending was unusual, since both bias signals had been touched before triggering no-bias.

And its consequences remain outstanding. At least Tuesday morning’s 2342.25 bias-up signal requires a retest, if not also the 10:15 2339.75 print. Both due to Tuesday morning’s no-bias trending.

Wednesday morning is vulnerable to trending back down, anyway. Tuesday afternoon, like Monday afternoon, didn’t gain traction for its rally. The afternoon’s 2357.00 bias-up target was met and held, probed too shallowly to create any anchor. The bias environment exit reversed back down through the close to 2351.00.

Tuesday overcame the lack of traction in an atypical way. Wednesday could overcome it by gapping up above Tuesday’s 2360.50 high. There’s essentially an air pocket up to “higher prior lows” at 2369.00. Any less opening strength would be likelier to extend the pullback.

Details and other markets coverage are discussed in the post-market Wrap recording here.

Monitor overnight Globex trading in the chaRTroom here.