Market Wrap (recording & summary)

At least two recovery efforts failed Monday. The post-open collapse back down to the 2791.25 overnight low had recovered to the open’s 2813.50 high, before reversing back down to test 2791.25. Any lower could have extended the decline. The afternoon’s no-bias trending expended all available selling pressure to only touch its 2791.25 bias-down target, and it retraced the noon hour’s 2802.50 high,which held as resistance.

The choppy, sloppy afternoon was separated by two dips to 2791.25. Returning to their origins makes the dips accumulative. Closing above the dips’ origins would have made them strong-handed accumulation. But the recoveries stopped short.

Gapping up Tuesday above relevant resistance like 2819.50 could serve by proxy for the recovery that Monday didn’t produce. Even then, recovering 2830.75 would be a challenge. Whether testing higher resistance first, or just resuming the decline, the pattern remains likely to resolve down, and to extend.

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