Market Wrap (recording & summary)

Sunday night’s gap up to 2505.50 had already suggested buyers weren’t strong-handed, because it had held a 61.8% retracement back to Friday’s late high. Firming overnight up to 2512.50 held within the range for noise to suggest nothing different. And Monday’s open overlapped the morning’s 2504.50 bias-up target through the first 3 15-minute checkpoints to suggest that trending wasn’t likely.

None of which prevented dropping down to 2482.75, not even the triggered 2495.50 bias-up signal. It’s not trending, if it’s contained entirely within a prior leg — in this case, Friday afternoon’s last downleg. The drop was retraced to within 2 ticks of the open’s 2510.00 high, still being only noise within the range, albeit a sizeable range.

That bounce failed, too, retesting the already-filled gap back to Friday’s close at 2487.00. But the balance of the session only bounced choppily back to Sunday night and Monday’s 2505.05 opens, still reflecting weak-handed sponsorship… Until the final minutes, which dipped to 2488.00 and snapped back up to 2513.00, still ending the day at Sunday night and Monday’s opens.

Details and other markets coverage are discussed in the post-market Wrap recording here.
HAVE A SAFE AND HAPPY NEW YEAR’S! CHARTROOM WILL RE-OPEN AT 6:00 ET.