Market Wrap (recording & summary)

Monday night’s 2908.50-2914.00 sideways range tried breaking higher 60-90 minutes before the open. Had the breakout maintained or extended, then it likely would have been false. But it self-corrected pre-open, making almost any renewed buying pressure likelier to extend. Which it did, fulfilling its 2926.50-2928.00 objective before the bias environment began lapsing. And then extending to attack 2940.00 into the noon hour.

Despite triggering bias-up, there was no afternoon momentum either way. The balance of the session ranged narrowly sideways between 2934.50-2938.00. The 2942.75 bias-up target becomes “unfinished business.” And regardless of the afternoon’s hesitation, the session formed a breakout from a multi-session range, still needing a second consecutive higher close Wednesday to confirm.

Meanwhile, S&P Cash came within 4-5 points of its ~2841 Sep 21 high. Futures were trading at a 5-6 point premium, now equivalent to 2646.00-2647.00. There’s no reason for the market to have come this close without intending to probe higher, although the path there is never assured. Sentiment is like an iron, and currently its optimism is hot. Expect the rally to strike it, unless a more powerful pessimistic sentiment heats up for whatever reason.

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