Market Wrap (recording & summary)

Monday’s gap down was less than 2 points under Friday’s 2577.00 low. And the first post-open action probed it down to 2570.75. But not down to the 2567.25 overnight low, and not for long, before recovering 2577.00 and never looking back down. Of course, while preoccupied with not looking back down, the recovery attempt was having difficulty getting past the open’s highs.

Opening selling pressure was brief and optimism was impatient, two errors the recovery attempt made. More prolonged post-open weakness, not necessarily deeper, would have struck a bullish balance between pessimism and optimism. That could have launched a bigger recovery, instead of struggling to attract reinforcements.

The ongoing range now becomes more dependent on 2571.00 support where 2567.00 had been critical previously. Meanwhile, the range becomes more vulnerable to simply collapsing into a new downleg, instead of first probing fresh highs at 2606.00 or higher.

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