Market Wrap (recording & summary)

Friday’s Employment Situation report was greeted at Thursday morning’s 2410.25 low, but not trending up. The gap up was only several points higher. And the morning ranged choppily sideways. All of which was more reflective of the ongoing downtrend’s overwhelming momentum, and less about the bottom finally being in.

The afternoon’s 2423.00 bias-up signal triggered officially, but only by a 1-tick margin. Piercing higher momentarily was random noise, and not trending. Its target won’t be considered “unfinished business above.”

Essentially, Friday’s session was full of optimism and fulfilling for optimists. But its major accomplishments were to delay the eventual fresh low, and to stretch the rubber band for starting the next move lower. A fresh low can still form a bottom if it were to develop correctly. Reversing up already Monday would not be credible without gapping up at least 12-13 points.

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

Join us for this weekend’s Saturday Review, which begins at 9:30am ET. Its link will be emailed early morning.