Market Wrap (recording & summary)

Lower participation persisted through Friday, producing a narrowing 4-point range and a late break higher. The overnight plunge to 2492.00 had neutralized two attractions outstanding below. Bouncing out of the plunge overnight to unchanged at 2499.00 could have launched a second plunge after the open by having stretched the rubber band. But another dip had already snapped back a little before the open, robbing post-open sellers of that momentum.

Only one more setup could have triggered another plunge — exiting the open under 2495.50 for which there is no bullish reason to have revisited intraday. Post-open action didn’t trend up immediately, but neither did it give way. That left the balance of the session with only a vulnerability to breaking lower. Testing and retesting 2495.50 only chipped away at its support.

It also left the session with potential for bouncing. Nothing that would be considered durable. In fact, the only intraday bounce originated too late to be sponsored by strong hands. Ultimately, the cash session recovered all of Thursday’s close to 2501.00. A literal last-minute 4-point plunge was mostly recovered. Again.

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

Join us in the chaRTroom at 9:30 for this weekend’s Saturday Review. Its link will be emailed in the morning.