Market Wrap (recording & summary)

The noon hour’s test of last weeks’ 2253.00 low had recovered to attack 2262.00 during the bias environment. Its reaction down to 2256.00 was retraced entirely, and even probed by 1 point to attack 2263.00. But the afternoon’s bounce wasn’t extended.

And it could have been.

An objective below had been fulfilled and held. The afternoon’s noN-bias surge didn’t require being retraced, but was retraced anyway. The 2256.75 bias-up signal held as support to avoid reversing momentum down. There was plenty of time for a path up to gain traction. And then less time. And finally no time.

Buyers never regained traction.

Rallying Tuesday morning should begin by gapping up, back above Monday morning’s 2266.00 resistance. Its reward would be another test of prior highs. Trending down could also develop overnight, but need not for the pullback to resume on the way to testing 2248.50 below.

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

Monitor overnight Globex trading in the chaRTroom here.