Market Wrap (recording & summary)

Monday included two attempts to extend the decline from last week’s highs. Both were ultimately retraced back above prior lows — Friday’s 2873.25 low and Thursday’s 2887.75 low — but not back above a prior high. The nearest prior high is Friday afternoon’s last-minute attack on 2895.00. It was being attacked at Monday’s close, after the 2890.00 cash session close which was also Friday’s cash session close.

Big intraday recoveries, twice, but not yet reversed up.

Perhaps traction from Monday afternoon’s rally can reverse the trend up. Traction was gained by exiting the bias environment above the noon hour’s high and entering the final hour higher, then trending up through the proxy window. Overnight and/or Tuesday morning should trend up. I’ll want the confirmation of gapping up, since Monday’s session developed exclusively in negative territory.

“Unfinished business” left from Friday at 2990.25 remains outstanding. Add to it unfinished business below at Monday afternoon’s 2880.50 bias-up signal. Both are the product of no-bias trending that has yet to retrace. Each can be neutralized overnight, or left outstanding indefinitely. Testing the lower attraction first would be vulnerable to also testing 2867.75, and oversold RSIs at Monday’s 2866.00 low — and also vulnerable to extending the decline to 2850.00 regardless of unfinished business above.

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