Market Wrap (recording & summary)

A funny thing happened on the way to new highs…

No signal or setup can prevent against counter-trending against it. We can only identify levels that shouldn’t break otherwise, and perhaps play the break’s counter-trending. And the original pattern’s levels remain relevant during the reversal.

Rarely does Monday’s opening setup not extend higher in the morning and into the afternoon. Whatever the catalyst of the mid-morning plunge, the open’s context was not invalidated. Its relevant price levels like the morning’s 2438.00 bias-up signal remained influential. And the opening gap’s recovery and resumption remain possible so long as Tuesday’s open doesn’t maintain a gap down.

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

Monitor overnight Globex trading in the chaRTroom here.