Market Wrap (recording & summary)

Monday’s response to the China tariffs was predictable. Perhaps the session was inhibited by anxiousness awaiting a response from China. None of which matters to the pattern, so long as it reactions hold relevant levels through relevant windows.

The week began by gapping down Sunday night. Its 2925.00-2930.00 range broke lower Monday morning to test 2918.00. Two intraday attempts to at least recover the overnight range were able only to test 2926.00. Buyers were unable to gain traction for their effort.

Meanwhile, Monday’s selling did satisfy selling pressure down to 2921.25. And 2919.00 avoided breaking lower through a relevant window. So, sellers didn’t gain traction for their efforts either. Another intraday dip is possible, perhaps to “lower prior highs” at 2914.00, so long as 2919.00 recovers through the window that probes it.

Tuesday morning isn’t any likelier to probe higher or lower. And rallying in the morning all but requires gapping up. And Monday’s range should resolve up to avoid extending the decline substantially.

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