Market Wrap (recording & summary)

It seems the biggest impediment to fulfilling Monday afternoon’s bias-up target was the bias-up environment, itself. Before even triggering the 2335.50 bias-up signal, the 2341.50 bias-up target had been attacked to within 1 point. And the bias-up environment’s reaction continued to 3 points under the bias-up signal at 2332.50.

Eventually, the bias environment lapsed. A recovery began immediately, and didn’t stop until touching the 2341.50 bias-up target. Then the recovery did stop, reacting down to 2337.00 through the close.

No “unfinished business above” was left outstanding. The gap back up to Friday’s 2342.00-2345.00 close will want to be filled, but it’s only an attraction and not a requirement. The open’s 2321.00 gap under the prior lows will want to be filled, as much a requirement as an attraction.

Monday’s post-open rally gained no traction for its effort, which leaves the door open to another dip. But closing above 2331.00 after testing 2317.00 2327.00 intraday does suggest that an intraday dip would recover — whether from 2321.00 or 2311.00.

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

Monitor overnight Globex trading in the chaRTroom here.