Market Wrap (recording & summary)

Monday morning’s drop was basically an extension of the overnight reaction to having blipped-up Sunday night, which Monday’s opening blip-up essentially duplicated. Each was briefer and shallower, despite being in position to attract much wider sponsorship. Sellers weren’t taking the bait.

Sellers also failed to trigger the morning’s bias-down. Not for lack of proximity, since noN-bias triggered. Optimism remains alive, if not altogether alive and kicking. The pattern offers an opportunity to extend down anyway during the afternoon bias environment. It wasn’t done, while price hovered at the afternoon’s high, which is restrained optimism.

Recovering to retest Sunday night’s high remains likely. But a better bottom than Monday’s low will be sought at slightly lower levels, if not already underway Tuesday morning. Extending higher overnight would be credible for persisting through the morning.

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

Monitor overnight Globex trading in the chaRTroom here.