Market Wrap (recording & summary)

Was the bearish WedEX’s influence mild? Post-open action and the balance of the morning trended down. The bias environment began lapsing at session lows. But it was only 6 points under the morning’s high, which doesn’t seem very aggressive. Of course, its sellers faced quite a headwind. Gapping up 20 points Sunday night and extending another 11 points higher. A lot of post-open buying was likely absorbed.

Regardless, the overnight rally neither inverted nor invalidated WedEX. And its influence lapsed by noon. Price action since that moment trended up 8 points to 2374.00, probing the morning’s high. But the opportunity to gain traction wasn’t exploited. Despite exiting the bias environment above the noon hour’s high, neither the final hour entry nor the proxy window trended higher. And that’s despite probing higher in the interim.

So, the big question is whether the 3-week old 2375.00 prior high will hold its test as resistance. It may yet be probed Tuesday morning. Or later, after a little deeper dip. Or, Sunday night’s test is all the retest it will get. In any case, closing above 2375.00 would be bullish, if not also being confirmed by a second consecutive higher close. And it may be the minimum requirement to avoid dipping to “lower prior highs” at 2348.00 and 2344.00.

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

Monitor overnight Globex trading in the chaRTroom here.