Market Wrap (recording & summary)

[We’ve begun starting daily Market Wrap before the close at 3:33pm ET. Other tweaks are coming soon. Please share your feedback in this blog post’s comments section or email me directly. Thank you!]

Tuesday’s resolution was disappointing. Partly for the promise of the open’s surge, which set quite a different tone for the day than its result. Not diametrically different — the trend didn’t reverse back down. But the session was spent retracing the open’s surge, not extending it.

Tuesday’s closing action didn’t make a rally any easier. The afternoon had repeatedly held 2264.75 support, but broke it down to 2261.50 through the futures close. The cash session close equated to 2264.00, preserving enough of the open’s gain to avoid rejecting it.

So, is the rally resuming? Probably. And its objective is to retest the 2273.00 high, up to 2275.50 or 2278.25. Otherwise, Tuesday’s opening surge can still be rejected by gapping down Wednesday under 2259.00. This would suggest that Monday’s rally was no more predictive than last Thursday and Friday. And it would suggest that last Thursday and Friday’s lows will be probed, below 2249.50 and 2243.00.

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

Monitor overnight Globex trading in the chaRTroom here.