Market Wrap (recording & summary)

Friday’s new trend high close and breakout confirmation have already satisfied their requirement for an eventual higher close. And closing under 2327.00 after probing above it does suggest upside momentum is waning. So, reversing down soon is very possible.

But reversing the trend down immediately isn’t very likely. Not without first neutralizing overbought RSIs at the 2329.00 high. Also, Monday afternoon’s 2331.50 bias-up target became “unfinished business above.”  It was not invalidated back under the 2325.75 bias-up. Not decisively, being overlapped slightly into the final hour. And not durably, recovering from a slightly lower dip.

A pullback has room for noise down to 2322.75 or 2321.50 just as noise. A deeper pullback should find support down to “lower prior highs” at 2313.00. Even then, the gap back to Monday’s 2319.00 opening print would want to be filled from below. Any lower would suggest a much deeper correction has begun.

Details and other markets coverage are discussed in the post-market Wrap recording here.

Monitor overnight Globex trading in the chaRTroom here.