Market Wrap (recording & summary)

THE ADOBE CHARTROOM ADD-ON LOADS VERY SIMPLY IN ONE CLICK, BUT PLEASE CONTACT ME IMMEDIATELY IF YOU ENCOUNTER ANY DIFFICULTY

[PROGRAMMING NOTE FOLLOW-UP: I will be available as usual on Monday. Didn’t even have to don my Star Wars costume or wink/sneer at the defendant.]

Will Friday’s pattern resolve the following night, as did Thursday’s? The pre-open threat of a morning collapse was avoided by trending up through 9:45. That even put into play a higher objective, which the morning nearly fulfilled. But spending the entire session in negative territory, and in the same range that is already distributive, doesn’t prevent breaking lower later.

But, how much later. Friday afternoon also avoided collapsing. It did trend down, probing fresh post-open lows through the proxy window. That’s too late to attract new strong-handed sponsorship, so not extending down actually reflects weak-handed optimism. Bearish.

We’ll review the bigger picture and likely scenarios for next week and their setups at this weekend’s Saturday Review. It starts at 9:30 ET, and I’ll email you its link in the morning.

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