Market Wrap (recording & summary)

Tuesday afternoon was almost identical to Monday. Exiting the bias environment above the noon hour’s high, but dipping into the final hour. Greeting the proxy window at fresh highs, but not trending higher through it. A relevant difference being that Monday’s proxy window already started dipping into the close, while Tuesday’s closing dip was delayed.

Almost identical. But identical enough? Similar setups that appear consecutively seldom resolve similarly. Tuesday’s resolution was up, or at least up without delay. Will Wednesday’s resolution be down? Up, only after a delay or detour? Regardless, gapping up would be less likely to extend, and likelier to reverse down, at least initially.

Meanwhile, closing above 2375.00 has put into play new highs. Subject to confirmation from a second consecutive higher close Wednesday — or, so long as a pullback holds 2360.00-2361.00 — the really that began last Monday is targeting 2405.00 and probably also 2415.00. The context of price action prior to last Monday suggests that the high’s retest will form a bigger top.

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

Monitor overnight Globex trading in the chaRTroom here.