Friday”s late surge squeezed itself

Friday”s late surge squeezed itself in between the 3:10-3:20 timing window and the 3:37-3:52 position-squaring window. Originating and ending outside of relevant timing windows makes its sponsorship weak-handed. That”s optimism.

That weak-handed sponsorship met a relevant level at 2073, without closing above it. That”s ineffectual optimism.

That ineffectual optimism originated from sideways ranging that had developed through two consecutive timing windows, a consolidation that began at the low of a steep, deep decline. The setup is vulnerable to breaking falsely in one direction before reversing more substantially in the other direction.

Extending higher anyway after the weekend would likely begin by gapping up sharply, above 2080-2082. So, hold-short wasn”t very compelling. Otherwise, Friday”s consolidation was already vulnerable to extending down. Stretching the rubber band Friday afternoon would only help.

We”ll discuss this in greater detail, along with setups and your chart analysis requests, at this weekend”s Saturday Review. It begins at 9:30am ET, and I”ll send a reminder in the morning. Meanwhile, details from the post-market Tour and other markets coverage are available in its recording here:
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Saturday Review 9:30am ET
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