Market Wrap (recording & summary)

This morning’s 2286.25 bias-down signal proved more influential Monday than was even suggested until 90 minutes before the open. That was the soonest it was even touched overnight, let alone probed on the way down to 2284.00.

Recovering 2286.25 did put into play an offsetting test of 2295.25. But there was hardly any effort to get there. The balance of the session was about retesting 2284.00, and trying again to recover 2286.25.

A test of 2295.25 remains outstanding as “unfinished business above.”

Monday’s inside day was contained within Friday’s range. Its low held a test of last Wednesday’s opening gap up, which Friday’s open had also tested. It is essentially a “lower prior high,” singularly represented as 2283.50, and there is no bullish reason to retest it.

So, any credible rally Tuesday should be aggressive, and probably not be delayed much if at all. Falling any further would be likely to fall back to 2275.00, where only the briefest test would be credible for not crumbling on the way to fresh lows.

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

Monitor overnight Globex trading in the chaRTroom here.