Post-market Wrap (recording & summary)

Tuesday afternoon’s narrow ranging between 2180.50-2181.50 finally broke out. But not until the position-squaring window had begun lapsing at 3:52. And it didn’t extend above the noon hour’s 2183.50 high until having come within 3 minutes of the cash session close. Not to mention that the narrow ranging didn’t gain any traction.

None of which precludes extending higher. Or extending higher without first gapping up. But extending higher from this base would be very vulnerable to the same rejection as prior probes of the area above. More so, extending higher without gapping up.

Gapping down deeply enough would be bearish. Having trended up into Tuesday’s close, gapping down Wednesday under Tuesday afternoon’s 2180.50 low could form a session-long decline. While that would marginalize sellers for the day, it could be contained by the gap back down to Thursday’s 2166.00 close.

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

Monitor overnight Globex trading in the chaRTroom here.