Market Wrap (recording & summary)

Friday’s pre-open and post-open behavior was more in-line with WedEX than was Friday afternoon.

Especially since it is a passively bearish WedEX. The open’s bearish setup was both passive and active. Probing a prior high — like probing Thursday’s high overnight — and then reversing back under it is passive. Extending the reversing back under the earlier overnight low is actively bearish. This setup is responsible for the post-open 12-point plunge. Bouncing into and through the afternoon wasn’t bearish.

Friday afternoon ultimately ranged flat-to-higher. No bearish influence was obvious. The afternoon’s 2430.00 bias-up signal wasn’t touched until the final cash session bar — the final hour otherwise made no new high. Positive territory was never recovered. So, no bullish influence was obvious, either. There certainly wasn’t a bias-up, or any other inversion. This leaves Monday morning vulnerable to aggressive bearish behavior.

“Unfinished business below” left outstanding at 2418.75 would be a likely objective if the week were to open under pressure. Otherwise, ignoring the bearish WedEX or waiting out its morning influence would clear the way to new highs — if not also to a new high close, which another Friday has avoided despite starting the day in proximity.

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

I’ll send the Saturday Review link in the morning, well before its 9:30 ET start time.