Market Wrap (recording & summary)

Friday, pre-holiday, thin volume, no trending. What else is new.

The overnight break higher to 2426.75 didn’t originate so late that it would be doomed. Its early retest up to 2428.25 failed to attract new sponsorship to extend. And the reaction down fell back into the overnight range at 2418.50. But no lower, stopping short of filling the gap back down to Thursday’s cash session close. It doesn’t require being filled, but avoiding it set the tone for weak-handed buyers.

The morning bias environment’s exit immediately began retracing back up to the open’s 2428.25 high. Just drifting, which was entirely possible and not at all abnormal for a Friday afternoon. But it had no specific attraction, so it wasn’t signaled. A very late blip-up to 2429.75 originated too late to be reliable for extending, and instead reacted back down sharply to 2419.75.

Ultimately, the session had no predictive value. Neither will Monday’s abbreviated session, but it may still be volatile as was Friday.

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

REMINDER: NO SATURDAY REVIEW ON HOLIDAY WEEKENDS. THE chaRTroom WILL RE-OPEN NORMALLY FOR SUNDAY NIGHT GLOBEX, WHICH TRADES THROUGH MONDAY’S NOON HOUR.