Post-market Wrap (recording & summary)

Was Tuesday afternoon’s slide just defensive posturing ahead of high-profile earnings coming after the close? INTC warned, JPM missed, and being 21 points off the 2014.75 high seems prescient. But while 1993.50 could have held if tested by the open’s gap down, now it’s likelier to be probed down to 1988.00.

So, is a top in? Tuesday’s price action formed a bearish “pivot reversal” by gapping down counter-trend, recovering intraday to a new trend high, and then reversing back down to close under the morning’s low. But context is key, so it’s interesting that the setup formed after two sideways ranging sessions. Without trending into the pivot reversal, the trend isn’t actually reversed.

Recovering from an overnight dip down to 1988.00 that opens above 2004.00 would launch a probe above Tuesday’s high. The morning’s 2016.00 bias-up target doesn’t qualify as “unfinished business” but would likely be tested on the way to 2019.50. Regardless, the air remains very thin up here, so not rallying somehow or enough at Wednesday’s open would be vulnerable to extending down throughout the morning.

Details and other markets coverage are discussed in the post-market Wrap recording here:
https://roddavid10.mitel-nhwc.com/join/htpfwjy

This evening, monitor overnight Globex trading in the chaRTroom at:
 XP-Friendly   ||   non-xp ilinc