Market Wrap (recording & summary)

Monday didn’t trend down entirely. Only for 5 hours after the open into the final hour, from 2942.00 down to 2922.50. Which, by the way, was entirely positive territory — 2-3 ticks above Friday’s futures close and 3-1/2 points above its cash session close. “Lower prior highs” down to 2928.00 held as support through the close, albeit as barely as last week’s closes above 2919.00.

Of course, the rally is undermined somewhat for needing to retrace Friday’s range without having found new buyers any higher. The 2929.25-2930.00 close did hold above Friday’s high, but not Thursday or Wednesday’s higher highs, which were probed already through Monday’s open. And oversold RSIs at Monday’s low will want to be retested.

The prior Friday’s high session was retraced by 61.8%, which can serve by proxy to retest the high, although it’s not optimal. And the high’s gap up remains unfilled. Either Monday’s drop is in the process of completing a backing-and-filling pullback, or else gapping open Tuesday under Friday afternoon’s 2915.50 low will be vulnerable to collapse.

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