Post-market Wrap (recording & summary)

Recovering almost all of Tuesday’s post-open drop by noon was no small feat. Ten points down to 2129.00 in an hour, and almost 10 points up in 90 minutes back to 2138.50 — after rallying 18 points overnight — take a rest. Which the noon hour and afternoon’s no-bias environment did, and it was a well-deserved rest, ranging narrowly between 2135.00-2137.50.

The narrow ranging persisted halfway through the last 60-90 minutes, which was less deserved. The two prior timing windows hovered pessimistically short of simply touching the morning’s high, let alone probing it or the 2139.75 pre-open high. So, eventually breaking lower came too late to be sponsored by strong hands.

And the late break lower triggered a sell signal under 2135.00 that fulfilled its 2130.50 target. Weak-handed sellers, fulfilling their selling pressure. Gapping up Wednesday would be the appropriate start to resuming the rally. And after trending down into the close, gapping up above Tuesday afternoon’s 2138.00 high would form a “session-long rally” setup.

Not exploiting any of these otherwise bullish inputs would be as bearish as the pattern could have been bullish. Breaking under Tuesday morning’s 2129.00 low would essentially resume the decline.

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

Monitor overnight Globex trading in the chaRTroom here.