Market Wrap (recording & summary)

Sunday night’s gap down to 2774.00 was recovered to fluctuate around Friday’s 2782.50 close up to 2786.50. Monday’s open was greeted at 2784.00, where the morning fluctuated up to 2788.50. Trending into and out of the noon hour extended to 2794.25.

The rally’s next higher objective at 2793.00 was tested, and held. The response to it wasn’t very reactive, dipping only to 2789.50, not even touching the morning’s high. (The position-squaring window did break a 2790.00 sell signal and collapse quickly to 2785.00, but that came too quickly to be predictive.) The morning’s post-open low also narrowly avoided touching Friday’s high. All of which is a degree of optimism — not excessive optimism, but enough to be wary of a coming downdraft.

Holding 2793.00 merits being wary of a coming reversal. It’s essentially the highest objective that doesn’t start making new all-time highs any likelier. There’s room for noise above it since it has actually been touched, but not much room. And there’s still a pattern of rejecting early probes above prior session’s highs.

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