Market Wrap (recording & summary)

Both of Monday’s bias windows triggered bias-up while also having fulfilled their targets. Both essentially held their tests as resistance for the duration of their bias environments.

The morning’s bias-up target was met during a 13-point upleg through the open. It resolved higher at noon, in reaction to headlines announcing the Senate’s agreement that added 8 points into the noon hour’s high. Its its peak was a test of the afternoon’s bias-up target, which held until the last half-hour.

Then came another 8-point upleg, the session’s most impressive. It was no more productive than the noon hour’s rally, and less so than the open’s rally. But its slope was steeper. Steeper into the close of a trending session, which is very aggressive action no matter how productive.

The new trend high close mandated by Friday’s close is now fulfilled. To the degree that Friday’s very late probe higher can be considered a breakout, then Monday’s higher close can be considered its confirmation — but Fri/Mon breakout confirmations aren’t reliable.

If the chart were inverted to form a plunging correction, then I would expect a reliable reversal soon. Either already underway overnight, or after the open fails to maintain a probe higher. This is not a correction, and the next higher objective is 2848.00, so the burden of proof is surely on sellers.

• Details and other markets coverage are discussed in the post-market Wrap recording here.
• Monitor overnight Globex trading in the chaRTroom here.