Market Wrap (recording & summary)

SPECIAL NOTE: I’ve produced two new Bias Parameter videos, an introduction and an example. They’re linked perpetually on the daily Bias blog posts. A handy library of actual examples will be made available later this week, along with much more supporting reference items.

Monday’s rally extended through the noon hour’s exit, and almost into the afternoon bias environment. Bias-up still triggered, putting into play 2854.25. But the balance of the session only ranged sideways. Choppily sideways, back down to 2847.00 and narrowing into 2850.00.

The 2854.25 bias-up target becomes “unfinished business above.” Which helps to keep alive the rally, since Monday meanwhile fulfilled the outstanding requirement for at least one more eventual higher close. Fulfilling it isn’t bearish, but could have become bearish without creating the new higher attraction to 2854.25.

I suspect the rally is in a relentless stage. Meaning that it will maintain its uptrending series of higher highs and higher lows, next targeting 2873.00 up to 2883.00. Monday’s rally overcame both the open’s Globex-flip setup, and morning bias-up’s threatened rejection. One day’s rally probably isn’t the entire reward.

None of which precludes another corrective dip. Monday afternoon’s range formed a Symmetrical Triangle. The pattern often breaks falsely in one direction before reversing more substantially in the opposite direction. A break lower could attack or probe 2843.00 before recovering.

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