Market Wrap (recording & summary)

Score one for the anti-bias forces Tuesday. Two, actually. No, wait, one. Or none.

The morning’s rejection of both bias-up parameters 2663.25 and 2671.00 had put into play offsetting tests of both bias-down parameters 2648.75 and 2637.75. The morning met neither before bouncing to fresh post-open highs at 2675.50.

The afternoon triggered no-bias without putting into play any objective. But then its 2663.25 bias-down signal broke, too late to trigger, which is “no-bias trending” that requires being retraced. It wasn’t.

So, both bias setups failed.

Except the afternoon’s no-bias trending extended down to test the morning’s 2648.75 bias-down signal and its 2637.75 bias-down target. Also, exiting the afternoon bias environment under its 2655.00 bias-down target invalidated the no-bias trending and its required retracement.

So, both setups… excused?

The afternoon drop extended down sharply to 2598.75 before I had to leave the screens early for the day. I was skeptical at the lateness of breaking under 2655.00, but that now seems more than a little moot. Closing back under Friday afternoon’s 2650.00 high invalidates the next higher objective it had put into play at 2691.00 — which was already undermined by still overlapping 2658.50 at Monday’s close.

The holiday weekend’s bullish influence doesn’t become effective until Wednesday afternoon, so there’s still a brief window that could see sellers do more damage. And that’s assuming the bullish influence isn’t twisted like the two bias setups described above.

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