Market Wrap (recording & summary)

The 20-point overnight drop from Friday’s 2759.00 close down to 2739.00 had bounced to attack 2748.00. Reacting down into the open blipped-up to touch the 2746.25 bias-down target’s resistance, and then plunged to attack 2720.00. Its reaction resolved down sharply, too, testing 2704.00 into the noon hour. Another bounce during the afternoon bias environment was reversed sharply to retest the morning’s low down to 2700.50.

That’s a lot of selling, even after the final hour bounced. The final hour’s bounce up to 2725.00 went out overlapping the afternoon bias environment’s 2722.00 interim high between the session’s two lows. That’s not a reversal, which it could have been. Since buyers didn’t gain traction, extending the late bounce without delay would require gapping up Tuesday. Meanwhile, the decline is likely to persist, which would also be much more credible if begun without delay or by gapping down.

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