Market Wrap (recording & summary)

With room for noise above 2674.00 up to 2684.25, the only question Monday’s open need answer was whether 2674.00 was being recovered. Testing it overnight had all but required recovering it through the open to avoid reversing down. The open did recover it up to 2679.25, and the bias timing window held on to renew the bias-up signal.

Reactions down were absorbed by higher and higher lows. But the open’s high wasn’t probed until the afternoon bias environment started lapsing. And it was probed by a sudden surge. Inflection at a window’s exit carries extra degrees of reliability if confirmed, and extra degrees of consequence if rejected.

Monday afternoon’s late inflection was rejected. Its consequence was fresh session lows. All prior lows were probed within 45 minutes. The reversal extended down to 2662.50, taking RSIs oversold and filling the gap back down to Friday’s futures close. The obligatory reaction eventually firmed up to 2672.00 through the close.

Even if we knew with 100% certainty that the trend were now reversing down, that wouldn’t prevent first retesting Monday’s high up to 2684.25. Anything more substantial would need a new setup to form, and to trigger.

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