Market Wrap (recording & summary)

Friday afternoon’s behavior seemed at first to have forgotten about the bearish WedEX influence. The bias environment was entered just above the noon hour’s entry. Bias-up triggered. And higher highs were probed. If not for a headline (Russia probe reaches current White House official), then perhaps the session’s uptrend would have extended.

But the headline’s reaction plunged 10 points. More important, the reaction wasn’t retraced back up, not meaningfully, and not above the noon hour’s entry. So, the bearish WedEX was productive.

Was it WedEX, or was it the headline? The reaction down could have been retraced, at least to close back above the noon hour’s entry. Weak-handed sponsorship would have been absorbed. But this dip was suppressed into the close.

Gapping open Monday above Friday afternoon’s high would serve by proxy to undermine the bearish WedEX, and separately also form a “session-long rally” setup. Gapping up, and trending higher through the open. Otherwise, regardless of “unfinished business above” now outstanding at 2389.50, bearish WedEX is likely to be more influential Monday morning.

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

REMINDER: I’ll email this weekend’s Saturday Review link in the morning, it starts at 9:30am ET.