Market Wrap (recording & summary)

Before even triggering Friday morning’s 2793.50 bias-up signal, its 2801.75 bias-up target had been fulfilled. Reversing back down through the signal came too late to reject its recovery, let alone to reverse momentum down. That didn’t prevent probing lower anyway, but only by weak-handed sponsorship.

The balance of the session was resisted by 2793.50, even a late surge to 2797.00 that had begun 13 points lower. The position-squaring window’s exit fell back into the range at 2787.50. Being a 61.8% retracement of the afternoon’s range, it is natural support.

A deeper pullback Tuesday can’t be discounted. There’s room down to 2770.00 before even suggesting that sellers are retaking control. Otherwise, the next higher 2813.00 objective remains in-play. Meanwhile, note that NQ (NDX) closed higher, while ES (S&Ps) closed flat, and YM (Dow) closed lower — we discussed this complex relationship during the weekend’s Saturday Review, and Monday’s extension of that relationship is bullish.

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