Market Wrap (recording & summary)

Gapping up Monday to 2385.00 didn’t delay extending through Friday’s 2388.00 high. That was before the morning bias environment began. Extending much higher was delayed until the bias environment began lapsing. But it was worth the wait for a relatively quick move to 2393.25.

Then, another delay. But also worth the wait? Much of the noon hour, the entire afternoon bias environment, and also the proxy window, all ranged narrowly. The position-squaring window finally launched a break higher.

But that break was less than 2 points up to 2394.25. And it spent the proxy window only fluctuating around the noon hour’s high. Reacting back down to 2391.00 began too late to be serious, and was retraced back up to 2393.00.

Probing higher overnight has room up to the 2397.00 area before suggesting the rally will resume Tuesday. Otherwise, that Wile E. Coyote moment keeps the door open to greeting the open with a collapse.

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

Monitor overnight Globex trading in the chaRTroom here.