Market Wrap (recording & summary)

REMINDER: I’M UNAVAILABLE BY NOON TUESDAY. PM BIAS PARAMETERS SHOULD BE AVAILABLE, BUT NO OTHER UPDATES UNTIL THE EVENING.

Sunday night’s gap up to 2783.50 had extended overnight to 2814.00, testing the three-week old high session’s range. Resistance there pushed back to greet the open at the 2798.00 earlier Globex low, which didn’t hold, forming a Globe-flip setup. The setup triggered Monday morning’s decline.

The decline’s minimum likely target became a 61.8% retracement between Friday’s cash session close and Monday’s opening print at 2773.50. That served as the actual morning low.

Bouncing through the noon hour’s exit up to 2790.25 trended back down through the afternoon bias environment. Avoiding a fresh session low — especially closing lower — prevents the Globex-flip from necessarily influencing Tuesday morning. Trending down Tuesday morning is possible, but not due to the Globex-flip. Lower lows have potential to 2763.00, but probably no lower before bouncing.

Closing at fresh afternoon highs would have signaled the Globex-flip had been absorbed. But its probe up to 2793.50 only reacted back down through the close. Triggering a retest of three-week old highs up to 2818.25-2823.00 must await another setup.

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