Post-market Wrap (recording & summary)

Chipping away at the 2135.50 support of “lower prior highs” suggests that even the most bullish scenario is likely to probe lower before recovering. Not necessarily, but the corollary is to be careful if buying a recovery that begins immediately.

“Unfinished business above” does make resolving up possible, if not also likely. A test of Tuesday morning’s 2148.00 bias-up signal was left outstanding but not invalidated. The open formed an anchor (again), making at least a probe above its 2145.75 high likely.

Tuesday was an odd session both for the powerful mixed signals it produced, and for them seemingly neutralizing each other’s influence. Forming a “session-long decline” setup without triggering it is as bullish as it tends to be bearish. But it wasn’t. Meanwhile, isolating the probe above Monday’s high to the overnight can be very bearish. Barely.

Opinions are always varied in the market. They’re not very polarized, not yet. But there seems to be much less patience than the current trading range suggests.

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

Monitor overnight Globex trading in the chaRTroom here.