Market Wrap (recording & summary)

2818.00 and higher was put into play Friday by closing above 2770.00, which had been put into play by closing above 2758.00. Actually, 2758.00 was first probed the same day, but it’s still the room for noise back under 2770.00. Closing under 2758.00 would invalidate any consequences for having closed above 2770.00.

2770.00 ultimately held its test through Tuesday’s close, or at least was being probed as resistance. It had been probed below down to 2762.50. Anyway, still testing 2770.00 at the close means the very late bounce didn’t recover a relevant level, and trended down into the close. So, gapping up above the afternoon bias environment’s 2788.50 high could form a “session-long rally setup”.

There’s plenty of upside to reward buyers. Tuesday morning’s 2794.75 bias-up signal was broken during the bias-up environment, requiring its retracement. And the Double Top with Monday’s high is a pattern that is often recovered by resuming the prevailing trend. Not to mention 2818.00.

A recovery is still possible from testing 2758.00. But there’s no bullish reason for any further backing-and-filling. So, delaying a recovery much past Wednesday’s open would suggest a bearish expiration sentiment.

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