Market Wrap (recording & summary)

Monday’s 2534.00 open was testing Friday’s 2531.00-2533.00 close. So, essentially flat. More important was the open’s test of the 2532.00 earlier Globex low. Not holding above it, after having probed above Friday’s high, would form a Globex-flip setup and reverse down.

The open’s Globex-flip setup was challenged by Friday’s session-long rally setup, which already made Monday morning likely to probe higher. The reversal attempt did fail, becoming as bullish as it would have been bearish. The rally resumed and trended up through the noon hour’s exit.

It wouldn’t be especially interesting that the overnight sellers formed a reversal setup, except that the afternoon’s sellers did, too. Attacking the afternoon’s 2569.25 bias-up target to within 2 points was reversed down into the final hour. Still overlapping the afternoon’s 2550.50 bias-down signal — instead of already breaking under it — keeps alive the 2569.25 target. But exiting the bias environment under the noon hour’s low, and entering the final hour lower, means sellers gained traction and created a position of weakness.

Closing back within the 2548.00-2555.00 range avoided putting into play the next higher target at 2606.00. That’s another effort by sellers, although they failed to close under 2548.00. The afternoon’s position of weakness can still launch a test of the 2569.25 target, but the target’s test is now likelier to hold, assuming it is tested.

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