Market Wrap (recording & summary)

Entering Monday’s noon hour so optimistically is precisely what had suggested it wouldn’t extend higher. Or, that extending higher would be doomed to failure. I would have preferred the latter. The former only  narrowed its range since then from 3-1/2 points to 1-1/2 points.

Avoiding a probe of fresh highs had made the pattern increasingly vulnerable to launching a multi-session correction. Not yet declining by the final hour had made a fresh high obligatory. Not required, but suddenly likely, and still likely to fail. That didn’t happen either.

Dipping into the close remained within the range. And like entering the noon hour optimistically, the late timing suggests its price action wasn’t sponsored by strong hands. Extending down Tuesday would be credible only if begun immediately, and without holding any test of support. Otherwise, “unfinished business above” at the morning’s 2440.00 bias objective remains outstanding, as does a higher close.

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

Monitor overnight Globex trading in the chaRTroom here.