Market Wrap (recording & summary)

Monday’s post-open probe above Friday’s 2834.50-2836.50 highs to 2841.00 was retraced entirely back to the 2830.00 open when the bias environment had begun lapsing. Isolating a probe of relevant resistance or support to a relevant timing window suggests that its sponsorship is done.

This would have been confirmed by closing back under that window’s 2829.50 low, but it held. Confirmation could have been held open by closing back under Friday’s 2834.50-2836.50 highs. but they were recovered. The confirmation window can be re-opened by proxy, by exiting Tuesday’s open back under Monday afternoon’s 2833.00 low. Which might even form a “session-long decline” setup.

Otherwise, the trend remains up. But there is no “unfinished business” above. Friday’s new trend high close had required at least an eventual third trend high close. Knowing this context is very helpful during a detour from the new high close. That was possible, even likely, given the bearish WedEX. The open’s surge foreclosed upon that. Two strong-handed sponsorships battled at the highs Monday, so it’s unlikely the pattern just ranges narrowly here — at least not past Tuesday afternoon’s bias environment, if at all.

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