I definitely underestimated the room

I definitely underestimated the room for a time delaying pullback. That”s different from a corrective drop, whose objective is to trap shorts and to refuel buyers, which would have been obvious coming out of the open. But Monday”s pre-open recovery surged through the open to probe a fresh high. Not exactly “end of the road” stuff.

In fact, the intraday drop did no damage to the rally”s chart. Its low didn”t even touch Friday”s confirmation session low. And it barely retraced 61.8% of a less relevant leg. The bias environment was definitely exited under the noon hour”s low, but the final hour”s entry and 3:10-3:20 timing windows were non-committal. So, sellers didn”t necessarily gain traction for the effort.

Despite not being sponsored by strong hands, extending the decline anyway would still target 2080 or 2076. Otherwise, being indicated to open Tuesday above 2089 and 2093 should be bullish.

Here”s the recording of Monday”s post-market Wrap:
https://roddavid10.mitel-nhwc.com/join/wzccrmk