Market Wrap (recording & summary)

“Will they, or won’t they” test Thursday night lows was answered without delay Friday, by sliding into and out of the open to fresh lows at 2419.50. The longstanding attraction to 2425.25 was fulfilled along the way. The entire morning consolidated under last Thursday’s 2430.50 overnight low.

That’s an anchor.

Rallying into and out of the bias environment lapsing was extended to a noon hour high at 2439.50. Expending so much buying pressure so quickly made it easy for the WedEX’s bearish influence. But it didn’t ensure it. The afternoon bias environment was entered already back under 2432.00 and probed 4 points lower. Another 4 points lower to 2424.00 were probed into the close.

Friday Factors weren’t necessarily bullish. The morning’s drop was not a failed attempt to trend down, having formed an anchor. That didn’t ensure its retest intraday, let alone its break. But the effort applied to avoiding its test only expended buying pressure without gaining any traction for the effort. And ultimately, closing action dipped into

Meanwhile, the bearish WedEX was influential Friday afternoon. So, we assume it will be influential Monday morning — often, much more so. We’ll discuss that in greater detail during this weekend’s Saturday Review.

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

JOIN US AT 9:30AM ET FOR THIS WEEKEND’S SATURDAY REVIEW. WE’LL DISCUSS THE BIGGER PICTURE AND MONDAY’S OPENING STRATEGY. YOU CAN REQUEST INSTANT ANALYSIS OF ANY CHART. THE LINK WILL BE SENT IN THE MORNING.