Market Wrap (recording & summary)

Simultaneously overbought 1-minute and 3-minute RSIs at Monday morning’s 2525.75 high helped to recover from its reaction down to 2519.00. That had been the minimum corrective pullback target, and its test was complete. So, we know its recovery isn’t arbitrary. The sponsorship that had produced the morning’s high didn’t sponsor its retest.

2525.75 wasn’t recovered completely until Monday’s final minutes. And not for lack of proximity. Exiting the afternoon bias environment only hovered pessimistically short just under the morning’s high. Then only a later surge pierced a fresh high at 2527.00.

RSIs did not return to overbought territory. Monday’s new trend high close already fulfilled that requirement which was created Friday. There is no “unfinished business above,” and gapping down under 2522.00 or 2519.25 would be credible for trending back down.

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

Monitor overnight Globex trading in the chaRTroom here.