Market Wrap (recording & summary)

Don’t confuse narrow ranging with stability. Not that Monday’s range was narrow. But it developed entirely within Friday afternoon’s range, without touching either end of it.

The mood is anxious, with the market afraid to step on its own shadow(s). That often produces a false break in one direction, before reversing more substantially in the opposite direction.

Breaking lower first would help to form a bottom that launches a probe of new highs. Assuming the low’s retest were to hold, which at this point would still be likely — preferably after neutralizing Monday’s “unfinished business below” at 2415.50.

Gapping up Tuesday above Monday’s open and Friday’s close in the 2428.00 area would be credible for extending higher. Otherwise, bouncing first would not be assured of retesting the highs before reversing back down.

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

Monitor overnight Globex trading in the chaRTroom here.