Market Wrap (recording & summary)

Sunday night’s slide into negative territory was recovered before the open, and not repeated, isolating it to the overnight. Isolation or its attempt has been an ongoing characteristic of this rally. And it has been rewarded — Monday morning’s 2590.50 bias-up target was met to within 3 ticks at the afternoon high.

2590.50 is also the rally’s next higher objective. It had been put into play by recovering 2563.75 previously. A couple of subsequent dips had threatened to break back under 2563.75. Recovering those dips has been rewarded by fulfilling the 2590.50 next higher objective.

But is that reward enough, considering the extra tests as support?

Higher highs are possible so long as sellers don’t gain any traction. There’s room for noise above at 2600.75 before a probe above 2590.50 would be any likelier to extend to its next higher target of 2617.25. Ample opportunity Monday to close above 2590.50 was not exploited, as a last-minute dip retraced to 2588.00.

Sliding through the close extended to 2586.75. Probing lower just several minutes earlier could have reversed the trend down. Instead, extra selling pressure was expended without gaining traction for the effort. Not that the late dip can’t find actual sponsorship to extend down overnight, but the gap back to Monday’s close would want to be retested from below.

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

Monitor overnight Globex trading in the chaRTroom here.