Market Wrap (recording & summary)

Saturday Review had updated the bigger picture decline, and Friday’s effect on resuming it this week. Sunday night was a bit deceptive, bouncing 13 points to attack 2617.00 before Europe’s opens. Breaking lower to greet Monday’s open down 11 points at 2593.00 became even more explicit by plunging post-open to 2571.00.

Bouncing back up to 2606.00 probed back into Friday’s range and into positive territory. But stopping ticks short and minutes late of rejecting the morning’s drop made the entire bounce a refueling of sellers. Their reward for fresh lows was fulfilled coming out of the noon hour, and their likely target at 2555.00 was met going into the final hour.

Such a big bounce during the morning, and potential recovery, only to retrace entirely. Such a slow descent as fresh lows relentlessly dipped lower and lower. Excessive optimism above, ineffectual optimism below. Both being bearish from a contrarian perspective.

Another corrective bounce could test 2595.50 without suggesting momentum is met down to 2533.50, while 2530.00 remains outstanding, probably on the way down to testing 2500.00.

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