Market Wrap (recording & summary)

Monday morning’s break under its Pivotal Uptrending Support at 2358.50 was very productive. A bias-down target was created and met at 2350.50. And last week’s no-bias trending was retraced back to its 2342.25 origin. Even lower prior highs were tested down to 2340.00. (Last week I had forecast 2339.75).

Even 2321.00 and 2111.00 would be in-play if not for one thing — Monday’s close was back above the pivotal uptrend’s 2348.75 connector. That was Wednesday’s pullback low, which defined the plane extending from the prior Wednesday’s pivotal low. connector. Downside momentum attracted no new sponsorship. The question is whether the decline will attract delayed sponsorship at Tuesday’s open.

The afternoon recovery up to 2356.00 gained traction (by entering the final hour above the bias environment high, and then probing fresh highs through the proxy window) so sellers can retake control Tuesday by gapping down. And having trended up into Monday’s close, gapping down Tuesday under Monday afternoon’s 2345.50 lows could form a session-long decline setup. Otherwise, recovering 2366.25 would signal the recovery was extending. Extending to new highs would be all but assured.

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

Monitor overnight Globex trading in the chaRTroom here.