Post-market Wrap (recording & summary)

This will sound incorrect: Tuesday probably was not a “session-long rally” setup, because each timing window probed a fresh high. A session-long rally setup usually has one timing window not probe higher. Each of Tuesday’s timing windows probed a fresh high.

So, what?

Well, had Tuesday been a session-long rally, then we could rely on the rally extending higher Wednesday morning. That’s not assured. It’s likely anyway — the rally gained traction for its effort (by exiting the bias environment above the noon hour’s high, and then trending to fresh highs through 3:10-3:20) so Wednesday morning is likely to trend up. But that could begin from a gap down.

And a gap down can’t be discounted, for at least three reasons. The 2080.50 objective was met to within 3 ticks, while RSIs diverged negatively. Confirming Tuesday’s rally by extending higher Wednesday would put into play new highs above 2105.00. Early weakness has room down to 2072.00 without yet reversing the trend back down.

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

Monitor overnight Globex trading in the chaRTroom here.