Market Wrap (recording & summary)

Monday morning’s attack on the 2368.75 overnight low had held its 2369.50 objective. Quickly reacting up to 2376.00 — retracing the open of Friday’s position-squaring window — was the extent of any residual bullish WedEX influence. It didn’t extend, but it left no unfinished business below.

That didn’t prevent probing fresh lows, anyway. Reversing back down into the noon hour and out of the afternoon bias environment probed lower and lower under 2370.50, the origin of Wednesday’s FOMC reaction. Closing back above it would suggest there’s no bullish reason to probe under it again. It was still being overlapped at the close.

The final hour did begin forming a trend reversal up. That’s not an optimal window, and only one higher high and higher low formed which is not an optimal reversal. Meanwhile, sellers gained traction, and could extend the decline to test 2342.00. Gapping up Tuesday above 2374.00-2376.00 would be a big step back to new highs.

Details and other markets coverage are discussed in the post-market Wrap recording here.

Monitor overnight Globex trading in the chaRTroom here.