Market Wrap (recording & summary)

Monday’s open had already shrugged off a threatened Globex-flip. Probing above Friday’s 2942.75 high Sunday night to 2946.75 would have been the rubber band stretch, and exiting the open under the 2939.00 Earlier Globex Low would have been the snap back down. But the pre-open test of 2939.00 was recovered before the open, negating the bearish setup.

Triggering the morning’s bias-up signal had left its 2950.50 bias-up target outstanding, but the noon hour neutralized it. Triggering the afternoon’s 2946.75 bias-up signal left its 2954.25 bias-up target outstanding. Attacking it up to 2951.50 didn’t prevent a late-afternoon drop back down to the morning’s 2944.50 bias-up signal as support. And lower through the close to 2941.75.

The session barely closed positive, but it closed positive. Anxiousness ahead of GOOGL’s post-close earnings was probably the culprit behind inhibiting the afternoon’s rally. Well-deserved inhibition, as GOOGL plunged 73 points just minutes after my pre-open update noted Monday’s suspiciously late bounce to 1293.00. That’s now history, and fully discounted by the market.

Tuesday’s econ calendar is very heavy with plenty of reports, and Wednesday’s calendar is very weighty with FOMC events. The quarterly earnings onslaught continues, and this stage continues shaping a different profile than the first round of reports.

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