Market Wrap (recording & summary)

This is getting terribly interesting.

Friday’s new trend high close had created the requirement for at least one more eventual new trend high close. Monday has already fulfilled it. It was fulfilled by a late bounce that followed sellers attracting strong-handed reinforcements. So, presumably, Monday’s new trend high close was produced by weak hands.

The late bounce also retested the 2501.00 gap up. The bounce originated from touching Friday’s 2498.00 high, neutralizing the opening gap’s attraction above. Again, neutralizing the attraction above with weak-handed sponsorship

This is not necessarily bearish. But it is not bullish, and avoiding a detour down might depend on extending the rally Tuesday without delay. Already reversing down at Tuesday morning’s bias environment exit would be bearish.

Meanwhile, the three-index comparison we discussed during this weekend’s Saturday Review saw NDX diverge for a second consecutive session. And the Dow extended sharply higher again. Speculation is rotating into safety, adding to the rally’s vulnerability.

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

Monitor overnight Globex trading in the chaRTroom here.