Market Wrap (recording & summary)

Monday’s open was greeted by a significant overnight rally from Friday’s 2769.50 close, up to 2700.50. But Friday’s 2692.00 high was overlapped throughout the open to prevent isolating Friday’s session. This created a position of weakness — not to prevent probing higher, but to doom higher probes to failure.

The open eventually surged to a fresh high at 2707.00, and then soon began retracing. And reversing. Friday’s close was probed early in the noon hour, bouncing 16 points up to 2682.50. The afternoon’s bias environment was exited in decline, and in capitulation, falling 80 points to 2603.00. Oversold RSIs at the low require an eventual retest. Which could be as early as Tuesday morning since sellers gained traction Monday afternoon.

The last bounce limit was already being probed up to 2624.00 during its first 3 minutes. And that extended to 2643.00 at the close. Interestingly, the last bounce retraced 38.2% of the high-to-low collapse. Also interesting, the afternoon leg measured 61.8% of the high-to-low collapse. Which also means the last bounce retraced 61.8% of the afternoon leg, and could have ended the corrective bounce.

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