Post-market Wrap (recording & summary)

A “new Globex trend extreme” at the 2177.75 overnight high was left outstanding Monday. It is almost historically mandated to be retested intraday before a durable downleg can begin. Meanwhile, a sizable downleg is possible.

Despite Monday afternoon’s flat-to-higher narrow ranging, the next lower objective would be to retest Thursday’s 2153.50 low. By the same token, because of Monday afternoon’s flat-to-higher narrow ranging, not already trending down into Tuesday’s close would make the 2177.75 retest likelier, first.

But nothing changes whether greeting the week with extreme sentiment can easily be a sentiment peak. And nothing changes that its intraday reaction down wasn’t rejected. The burden of proof is back on buyers.

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

Monitor overnight Globex trading in the chaRTroom here. Contact me immediately if you encounter any difficulty.