Post-market Wrap (recording & summary)

Well, we made it through the Black Monday anniversary from 1987, without any hint of a crash, or any jokes about it. In fact, the session behaved as if a session-long rally, each timing window probing the prior timing window’s high, with only one exception. And that was the last window, perhaps inhibited either by pre-post-close earnings jitters (AXP, EBAY) or the evening’s “Presidential” debate.

“Unfinished business above” was left outstanding at the afternoon’s 2145.50 bias-up target. Testing it Wednesday would have been vulnerable to extending higher. Delaying its test until Thursday now makes it likely to extend higher. The next higher objective would be 2150.00.

WedEX didn’t exactly trigger. Fluctuating throughout the afternoon around prior highs (i.e. 2138.00-2139.75) persisted through the close. Gapping up Thursday could serve by proxy, if gapping up enough and maintained. Gapping down would have to be relatively substantial to be predictive. I suspect the resolution will be up, based on the continued pessimism or restrained optimism, either one being somewhat bullish from a contrarian perspective.

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

Monitor overnight Globex trading in the chaRTroom here.