Market Wrap (recording & summary)

Monday’s 83-point round-trip rallied 40 points off of the open’s 2614.00 low up to 2654.00, then back down to 2610.00 at the close. As usual, they fell faster than they rose: the afternoon retracement lasted only two hours. The last-minute low overlapped Friday’s last-minute high be almost 2 points — hardly what the market seemed to be considering at its session high.

All of which developed in positive territory. That’s a lot of selling pressure to expend without gaining traction for the effort.

However, the gap back down to Friday’s 2603.00-2606.00 close wasn’t even attacked, let alone filled. So much of the afternoon drop developed so late, that I don’t view the close as “stopping optimistically short” of its potential. Regardless of the complete post-open retracement, the burden of proof is on sellers.

Already extending down at Tuesday’s open would be likely to persist through the morning. Friday’s decline could even resume. Otherwise, China and Facebook may keep price action constricted and inhibited.

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