Market Wrap (recording & summary)

Monday’s 2576.75 opening tick was the session high. Its 4-point dip was recovered to touch the morning’s 2575.75 bias-up signal. Not recovering it put into play a test of 2567.25. Fresh lows during the afternoon bias environment fulfilled it, but that was after the morning’s bearish WedEX influence had lapsed. So, the afternoon’s sellers were different sponsorship. New sponsorship.

Meanwhile, that new sponsorship extended the afternoon’s decline. A simultaneous positive divergence in both 1-minute and 3-minute RSIs was ignored at 2569.00. More strong-handed sponsorship was observed when exiting the bias environment under the noon hour’s low, confirmed by fresh lows through the 3:10-3:20 proxy window. The decline extended to touch last Wednesday and Thursday’s “lower prior highs” at 2562.00.

Monday was an “outside day” which often reflects a near-term trend extreme, usually not extending the reversal immediately. “Unfinished business above” was left outstanding by a requirement for at least one more new trend high close, which the market can ignore during a correction. A slightly lower low under 2560.00 or down to 2556.00 could define the pullback. But Friday’s new high close has been rejected just enough to undermine the next higher objectives.

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

Monitor overnight Globex trading in the chaRTroom here.