Market Wrap (recording & summary)

The reaction to Friday’s Employment Situation report retraced all of Thursday night’s extension of Wednesday afternoon’s rally. But only all of it, back down to its 2428.75 low. Post-open action held its test, too, remaining in the orbit of the 2437.25 overnight high’s “new Globex trend extreme.” The overnight high was attacked to within 1 tick during the afternoon bias environment. Probing it into the position-squaring window attacked 2440.00, before settling back down under 2436.00.

The second consecutive close above 2424.25 puts into play 2447.50 and potentially 2455.25. Also, new trend extreme closes on Fridays all but require an eventual new extreme close. So, reversing down immediately on Monday would be likely to recover at some point. Reversing down would have room down to 2421.50.

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

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