Market Wrap (recording & summary)

Monday’s new high close was a reasonable trade-off for the bearish WedEX not being influential. A better trade-off was that the early indication of WedEX’s demise defaulted to extending the rally. Which it did, considerably.

Regardless of the degree to which the rally extended Monday, an outstanding structural requirement was neutralized. The two-week old requirement for at least one more new high close is now done. More may come, but none are required.

Along the way, Monday afternoon’s bias-up was triggered and now its 2454.00 target is “unfinished business above.” Attacking it to within 3 ticks at any time would neutralize it.

Ironically, AMZN offers a singular intersection of two competing influences — trending up, and overextended. Monday’s new high (green circle) failed to hold above recent “higher prior lows” (red circle). The trend is up, but the pattern is vulnerable to reversing down at any time. The broader market, too.

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

Monitor overnight Globex trading in the chaRTroom here.