Market Wrap (recording & summary)

Sunday night’s gap down and probe under Friday’s lows had nothing to do with the bearish WedEX. Consequently, its recovery to open Monday back in positive territory was also irrelevant. The bearish WedEX’s only interest is post-open, which it did produce a 31-point side through the first hour.

Of course, this destroyed the Isolation setup that would have formed by the reaction down being shallower. The two setups could have co-existed. Choosing not to exploit the Isolation’s bullish opportunity suggests that the market remains bearish.

In fact, the balance of the session ranged flat-to-lower, albeit more flat than lower. Forming another Isolation setup at Tuesday’s open would be as credible for ending the decline. Meanwhile, the pattern remains vulnerable to extending the decline, at whatever pace and slope.

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