Market Wrap (recording & summary)

What a difference a day makes. In this case, that day is Rosh Hashanah. Like almost every year, the slower volume inhibits both trending and volatility. Monday was no exception.

Signals that are triggered on low volume are less reliable, especially as time extends. Rejecting the morning’s test of both bias-up parameters put into play offsetting tests of both bias-down parameters. Both 2871.00 and 2864.75 become “unfinished business” below. Price action in their proximity will be likely to test them, but they’re attractions won’t make an interim buy signal any less credible.

Meanwhile, slower volume doesn’t prevent neutralizing unfinished business above. Rejecting both of Friday morning’s bias-down parameters had put into play offsetting tests of both bias-up parameters. That included 2886.75, which was tested overnight and Monday morning to define the range’s upper-end.

Other attractions above that remain outstanding include 2892.25 and 2895.50. They’re recovery alone wouldn’t yet signal reversing up from the pullback off of last week’s high. And the pullback still has potential for extending down to 2857.00.

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