Market Wrap (recording & summary)

Trending up from the open through the morning.What else is new. Not that this pattern has repeated daily, but it has been the likely path up when taken. Higher to a morning or noon peak, and then sideways through the close.

The pattern is no less vulnerable to reversing down from Monday’s 2898.00 cash session close than it was at Thursday and Friday’s closes. And a reversal down would likely track one of two paths — either already trending down overnight, or else blipping-up at the open into a Wile E. Coyote cliffhanger moment. Pullback objectives remain 2867.25-2869.50 if not also 2860.00-2861.50.

Not already trending down at Tuesday’s open or soon after it could instead resume the rally, which is essentially next targeting 2909.00.

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