This morning”s retest of Friday”s

This morning”s retest of Friday”s high was fulfilled too quickly. Extending higher became difficult since resistance was tested so early. That wasn”t necessarily bearish, not without also probing above Friday”s high. And that attempt would have been reversed since Friday”s buyers had gained no traction for their effort.

Not probing Friday”s high meant the rubber band wasn”t stretched, and that meant it couldn”t snap back down. Ranging 4-5 points choppily sideways could have ended the day unchanged at 2100.00, but extended down 5 more points in 5 minutes — Monday”s first trending since the open”s surge.

Similar to the opening surge having held Friday”s high, the closing drop held an attack on the pre-open low. A bigger discount to “unfinished business above” at the morning”s 2110.25 bias-up target was left outstanding. And a “session-long rally” setup potentially awaits Tuesday”s open, if it immediately rejects Monday”s late plunge.

Here”s the visual description in Monday”s post-market Wrap:
https://roddavid10.mitel-nhwc.com/join/wzctywp