Post-market Wrap (recording & summary)

The sum of Monday’s rally was more substantial than its parts, and it contained some very substantial parts:

Reacting up from the overnight low’s test of 2059.50, reacting up quickly from the open’s test of 2067.50, entering the morning’s bias environment back in positive territory and soon following that with a probe above last week’s 2081.75 high… And that was just by mid-morning. The afternoon attacked 2089.00.

But upside momentum may not escape near-term jeopardy — although buyers gained no traction for their efforts, that didn’t prevent eking out fresh highs into the close. Extending the rally higher without delay requires gapping up, or else a pullback to “lower prior highs” at 2076.00-2077.00 would be likely.

Any deeper of a pullback would make near-term recovery difficult, especially if not launched by gapping down. The most bearish scenario would try probing higher Tuesday morning, anyway, without gapping up from new sponsorship, and without buyers already gaining traction.

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

Monitor overnight Globex trading in the chaRTroom here.