Market Wrap (recording & summary)

Chipping away further at the 2430.50 back down to last Friday’s close remained vulnerable to breaking lower. But perhaps this Friday’s opening probe under it developed too quickly to attract sponsorship.

Amazingly, an 11-point rally up to 2439.00 attracted more sellers than did the open’s 5-point dip. The afternoon bias environment exit was already slipping, and then it stumbled down to 2431.00. Despite stopping optimistically short, that still qualifies as another test last Friday’s 2430.50 close.

2430.50 has been so thoroughly tested as support that at least some obligatory probe under it is likely, if not a new downleg to the 2415.00 area. Rallying prior to that would seem very suspicious. Especially a rally that doesn’t start by gapping up above Friday afternoon’s 2438.75 highs, since Friday’s buyers gained no traction.

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.