Market Wrap (recording & summary)

Monday’s opening surge to 2779.00 trended back down ultimately through the opening 15 minutes of volatility. But it held above the 2772.50 bias-up target — easily at 9:45, and barely at 9:30 — to prevent sellers from gaining traction. The 2777.25 renewed bias-up target had been met, but probing it again would have potential up to 2788.00.

2788.00 was met to within 3 ticks by a last-minute surge.

Having fulfilled buying pressure, backing-and-filling is likely. Although, less likely coming at day’s end than intraday. The target is essentially met, but wasn’t rejected before the close. Gapping up Tuesday wouldn’t be surprising. Meanwhile, a pullback has room down to 2781.00 before suggesting the trend is already reversing down — and gapping open under 2781.00 could form a “session-long decline.”

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