Post-market Wrap (recording & summary)

Rallying to fresh highs Tuesday morning should not be durable, since the prior day’s buyers gained no traction, which wasn’t offset by a gap up. That’s excessive optimism. The intraday probe was retraced to only attack Monday’s prior high, which is also excessive optimism. All of which followed the morning’s bias-down being rejected, fairly, but still a product of optimism.

The market’s optimism is a belief that its candidate will win. A decisive victory tonight would probably be cause for at least some more optimistic behavior, no matter how much optimism that Tuesday’s rally already discounted. But an indecisive result can only encourage selling. And in today’s Market Wrap, I describe why Tuesday’s session makes a poor base to try launching any probe higher.

I’ll be checking the chaRTroom regularly during election results, and annotating the chart where possible.

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

Monitor overnight Globex trading in the chaRTroom here.