Market Wrap (recording & summary)

We knew early that Monday wasn’t going to be a “dry cleaners” morning. But we also knew its trending attempts would likely fail. Isolating probes above or below 2425.00 Monday was also important. The overnight probe was isolated through the open, but the sellers that setup attracted weren’t able to break under Friday’s last relative low. Which led to the morning bias environment’s rally, which didn’t reject its probe above 2425.00, but held the bias-up signal.

Closing above or below Friday’s 2425.00 high was similarly important Monday. So, of course, the session closed more AT it than beyond it in either direction. Trending attempted, and failed.

The late blip-up to 2430.00 seems unrewarding to buyers that kept the afternoon propped up above 2428.00. But its reaction down left no “unfinished business above.” And its reaction down also developed too late to be predictive, regardless of dropping to 2424.00 through the futures close.

Rejecting an early rally effort, or simply trending back down, would be credible for launching a retest of last week’s lows. Trending up would all but require gapping up above Monday’s highs.

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

Monitor overnight Globex trading in the chaRTroom here.