Market Wrap (recording & summary)

Efforts to invalidate Tuesday morning’s 2349.75 bias-down signal didn’t fail for lack of proximity. The 10:30, 11:30 and noon bars each overlapped the relevant bounce limit. And each limit was successively higher. But overlapping disqualifies the attempt. So, the 2344.75 bias-down target becomes “unfinished business below.”

The required test of 2344.75 could be delayed by another rally leg. Last week’s no-bias trending above 2342.25 wasn’t retraced until after having extended higher for several days. That said, extending much higher from current levels would all but ensure probing new highs. Tuesday’s late surge up to 2358.50 came too late to qualify.

Aggressive behavior is necessary at this stage of the pattern to ignore the attraction below. More than optimal, gapping up Wednesday may be the minimal requirement for resuming the rally. Although an overnight dip to 2344.75 would qualify to neutralize the attraction below, not recovering it overnight would risk resuming the decline.

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

Monitor overnight Globex trading in the chaRTroom here.