Post-market Wrap (recording & summary)

Tuesday afternoon’s weak-handed bounce from 2131.00 up to 2138.75 had stretched the rubber band without gaining traction for the effort. Attracting strong-handed buyers above a relevant price level was unlikely, since relevant price levels weren’t being probed during relevant timing windows. The consequence wasn’t just to stop rallying, or even just to reverse down, but to collapse to fresh session lows.

Price did collapse, albeit not immediately under the 2135.75 inflection point. And not to fresh session lows, only back to the afternoon’s 2131.00 low. Actually, fresh lows were probed immediately following the close, to within 3 ticks of unfinished business below at 2128.25. Which neutralizes it, and no longer requires its test.

So, keep that in mind while reviewing the Wrap recording. I’ll be monitoring the overnight reaction to any BOJ statement. And we’ll be looking forward to Wednesday afternoon — not only a Fed statement, but also a quarterly Q&A by Yellen which is reliably volatile.

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

Monitor overnight Globex trading in the chaRTroom here.