Market Wrap (recording & summary)

Monday’s flat-to-higher open was no small accomplishment. Collapsing 9 points overnight had held two tests of the morning’s 2568.25 bias-down target. The session’s first minute ranged 2577.00-2580.25 to begin consolidating. And price eked higher to 2583.50 into the afternoon. Positive territory wasn’t probed intraday nearly so much has was negative territory overnight. But the recovery wasn’t rejected.

And not for lack of trying. A blip-up after entering the final hour touched 2584.00 and reversed back down to test 2580.25. Extending down was never impossible, but by then it was not credible. That is, even extending down much deeper would not have been sponsored by strong hands.

Gapping down Tuesday or breaking a relevant support through a relevant window can still trigger at least a retest of Sunday night’s lows. Seasonal bullishness isn’t yet overwhelming, so any meaningful dip must be aggressive. Meanwhile, the recovery back to last week’s highs or higher remains intact, however slowly it cares to unfold. Pre-holiday volume is starting to suffer, and recovery’s pace suffers along with it.

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

Monitor overnight Globex trading in the chaRTroom here.