Post-market Wrap (recording & summary)

Not bullish. The rally’s next higher objective at  2110.75 was tested Monday but held through the close. That prevented putting into play the next higher objective at 2116.00-2119.00. Tuesday’s close at or under 2110.75 marked the second consecutive session to hold its test. Also not bullish.

Extending higher this morning wasn’t likely because yesterday’s rally gained no traction. Not a solid base for probing into the next higher objective’s 2116.00-2119.00 range. And  2110.75 once again held through the close. Once again, no higher objective was put into play, AFTER fulfilling more upside objectives. Becoming bearish.

The long, long, long-standing objective to retest last Fall’s SPX 2013.50 high — which equates currently to 2016.00 — was neutralized. That was also the overnight “new Globex trend extreme” and it was neutralized quickly the same day. Satisfying buying pressure as fast as it forms doesn’t attract new sponsorship.

Reversing this sort of a setup can unfold quickly, so beware. Not already reversing down sharply Tuesday makes me suspect that a Wreversal Wednesday lies ahead. But only closing above 2119.00 would begin to neutralize the bearish factors listed above.

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

Monitor overnight Globex trading in the chaRTroom here.