Post-market Wrap (recording & summary)

Monday afternoon’s decline gained traction for its effort. The bias environment was exited under the noon hour’s low, and the final hour was entered under the bias environment’s low. Tuesday morning should reward sellers with probing lower — and not only momentarily. That reward can be delayed until the afternoon.

None of Friday’s range requires being tested, no matter how much likelier that had become Monday morning. But it was a mistake to give the late-morning rally too much credibility. Not actually a mistake, since it held the bias-up signal’s resistance. But the late-morning rally did not earn any reward.

Negating Monday afternoon’s drop would all but require gapping up Tuesday above Monday afternoon’s 1951.00 bias environment high. Gapping up above the afternoon’s 1943.00 bias environment exit would be a contender.

It’s entirely possible that the retest of Feb 1’s high has completed, and that the trend is reversing down. Momentum shouldn’t delay being obvious, unless any further dipping is only delaying a retest of Friday’s highs.

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

Monitor overnight Globex trading in the chaRTroom here.