Market Wrap (recording & summary)

Sunday night’s 2883.50 low is irrelevant, despite being 63 points under Friday’s close. Much more important is that Thursday afternoon’s 2920.00 high was recovered through the close. A new rally leg may not be underway, but retesting last week’s 2961.25 high may be in-play.

Avoiding a deeper meltdown Monday largely depended on holding above 2892.00-2894.00. It could have been probed if recovered during a relevant timing window. But only its upper-end was touched, and only by the session’s first minute. The balance of the morning trended up to 2924.50.

The afternoon’s no-bias environment restrained itself from breaking higher until coming within view of lapsing. Then its 2922.50 bias-up signal broke higher with a vengeance. The next higher candidate for correcting the recovery was tested at 2934.75 before entering the final hour. Fluctuating equally around 2934.75 up to 2938.25 reacted down to 2932.00 before the close.

No new “unfinished business” was left outstanding. The gap back up to Friday’s close doesn’t require being filled. But just avoiding a reversal down — which is not at all assured — would confirm new highs are in-play.

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