Market Wrap (recording & summary)

Monday’s gap up created room to expend selling pressure without it reversing the trend down. Which the morning exploited, trending down in a series of lower lows and lower highs, while remaining in positive territory throughout. Entering the noon hour back at post-open highs fulfilled the bullish WedEX influence, and the traction Friday’s rally had gained.

Upside momentum remained intact, but obligatory resistance at the 2860.00 overnight high was influential, too. It was attacked, touched and pierced by narrow, flat-to-higher ranging that finally probed higher during the last half-hour.

Finally probing higher so late had already disqualified a hold-long. The likely gap up to-and-through 2863.50 to 2866.25 was just 3-6 points, compared to potential for dipping 6-7 points to 2854.00 first. I had just announced that in the chaRTroom when Trump comments triggered a shallow spike back into the range down to 2858.00.

The very late dip down had no effect on the less late probe up. Regardless, Friday’s high maintained its recovery upon coming to within 3 minutes of the cash session close. A dip to 2854.00 remains possible, and should hold if the rally intends to extend Tuesday.

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