Market Wrap (recording & summary)

Sunday night’s initial recovery back up to Friday’s 2637.50 high was eventually exceeded by a surge to 2655.00. These are 38.2% and 61.8% extensions of the relevant segments of Friday afternoon’s rally. And their influence continued to suggest the bounce was only a temporary correction.

Reacting down sharply Monday morning from attacking 2655.00 to 2620.00 further suggested that sponsorship was waning. But bias-up held, so the reversal recovered. Its recovery probed fresh session highs, repeatedly. Each time reversing back down to 2655.00 or its current proxy.

Sponsorship still waning. But obviously not prohibitive of probing higher. Ultimately, another fresh high up to 2671.50 was also reversed down to 2655.00, which was still being overlapped at the close despite first probing 9 points under it. Buyers gained no traction, but the pattern is vulnerable to extending either initial strength or weakness.

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