Market Wrap (recording & summary)

Sunday night’s fresh highs up to 2899.50 weren’t much above Friday’s 2897.00 high. But that was enough room to discern complexity in the probe. And complexity qualified the fresh high as a “new Globex trend extreme” requiring intraday retest. Often the same day, as it did late Monday.

An entire session transpired in between. The overnight probe above the prior session’s high had flipped back under the 2896.00 earlier Globex low to form a bearish Globex-flip. The setup’s morning influence was an 8-point post-open collapse, to within 1 tick of the 2894.00 bias-down target, and holding the bias-down signal as resistance.

Not rejecting Globex-flip in the afternoon would also influence the following morning. But another 6-point dip into the noon hour was recovered through the bias environment to prevent the Globex-flip from regaining traction. And that extended to retest the 2899.50 “new Globex trend extreme,” while also producing the eventual new trend high close that became required as of Friday.

The rally’s next higher objective at 2902.00 remains outstanding, and likely — but not required, and not required to be maintained if met. Room for noise up to 2911.00 might also be utilized, but not necessarily. Almost any immediate reaction down would now have no unfinished business above helping to ensure its recovery.

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