Market Wrap (recording & summary)

After Friday’s close I noted the potential downside of a misstep to the rally at these levels and at this time. What’s a misstep? Monday’s opening surge probed a new high, and didn’t maintain it. Like that.

Sellers exploited the misstep by collapsing 6-1/2 points down to 2597.75. They could have exploited more, and didn’t. That only attacked the overnight low. And an offsetting test of the morning’s 2596.50 bias-down signal (at the overnight low) was outstanding. Not trending down deeper didn’t react up by very much. A very narrow 6-tick range developed around the 2601.75 open since exiting the noon hour.

The week was entered without there being any “unfinished business.” Now there is, and it is below the market. Its test could be neutralized overnight, which may be the only way to retest Sunday night’s low without triggering a top.

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

Monitor overnight Globex trading in the chaRTroom here.