Post-market Wrap… skipping a beat

Pre-open action — both the powerful rally to 1961.00 and its late reaction down testing 1952.00 — had kept alive potential for extending higher to 1963.25 and 1967.25. But Tuesday ultimately couldn’t escape that greeting the new week with extreme sentiment does often prove to be a sentiment extreme.

Actually, Tuesday ultimately overcame the sentiment extreme. The consequence was a pullback testing 1944.00. It was touched at the morning’s low, offsetting the pre-open optimism with pessimism. The balance of the session rallied to fresh highs at 1968.25.

The intraday dip does suggest the rally may extend even higher than its 1967.25 objective to compensate for the delay. Suggesting against that is the target, which having been met, was never exceeded to put into play any higher level. Beware Wednesday’s session if Tuesday’s rally doesn’t extend higher overnight — regardless of Tuesday afternoon’s buyers having gained traction for their effort.

More detail, including discussion of the potential for a “session-long decline,” are described in the post-market Wrap recorded here:
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