Market Wrap (recording & summary)

Suddenly, in the midst of mutli-session collapse, Friday produced an “inside day.” It session was contained entirely within Thursday’s range. So, Friday’s range was already narrower than any one of the declining sessions that preceded it.

Yet, Monday produce another inside day, even narrower than Friday.

Inside days don’t offer much predictive value, especially not without trending intraday. And Monday didn’t trend intraday. Its initial dip held the morning’s 2751.75 bias-down target. Its session highs repeatedly attacked and tested 2777.00 resistance. Dropping from the range’s upper-end to its lower-end through the close got to 2749.00, but not until after the close when its test was irrelevant.

An Ascending Triangle had begun forming that could still break higher. But breaking higher at this stage would be suspicious without actually gapping up above the pattern’s upper-end. Extending down without delay to at least retest Thursday’s 2712.00 low is no less likely.

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