Post-market Wrap (recording & summary)

Last Monday gapped up and quickly extended to new highs, spending the entire session above prior highs. That was followed by gapping back down under prior highs, and resuming the ranging that had preceded Monday’s failed breakout.

This Monday is in stark contrast. It was an “inside day” relative to Friday’s range. Five trending efforts alternated between up and down, and that was before even entering the afternoon bias environment. I dismiss that later legs because of their smaller sizes.

Also, this Monday ended almost unchanged, compared to last Monday’s gain. Does that difference, or the others, mandate any different resolution this Tuesday? No, the range and its choppiness can persist. But trending through either end of the range remains likely eventually, and possible during any timing window.

No traction was gained by either sponsorship Monday, so trending Tuesday morning must begin by gapping beyond either end of Monday’s range. Oversold RSIs at Monday’s 2175.00 late-morning low require an eventual retest, which would likely extend down several points deeper to 2172.00. Breaking lower could be easily satisfied, or not. Breaking higher would target new highs.

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

Monitor overnight Globex trading in the chaRTroom here.