Market Wrap (recording & summary)

Monday’s open was greeted back down at the 2729.00 earlier Globex low, after having probed most of Friday’s prior highs. Extending down through the open would have been bearish. The open held up, but didn’t reject the test. The morning resolved down anyway. The WedEX’s nominally bearish influence from Friday was followed by an aggressive morning-long decline into the 2686.50 noon hour low.

A reverse / expanding triangle began forming through the afternoon bias environment, its resistance tested twice at 2698.00, and its third low being 2691.50. No traction was gained, and the proxy window’s attempt to reverse up barely held before reversing back down to the noon hour’s 2686.50 low.

To the extent that the Globex-flip is influential, failing to recover Monday morning’s decline suggests it will extend down through Tuesday morning, too. The next lower major objective is 2754.25. Otherwise, back above 2706.75 would start to signal momentum reversing up. Meanwhile, last Thursday’s potential bottoming pattern is desperately in need of further confirmation by closing above a prior high.

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