Market Wrap (recording & summary)

Thanks to Thursday morning’s substantial rally, plenty of room had been created to expend selling pressure without it damaging the chart pattern. Friday’s reaction down to the pre-open Employment Situation report held tests of the 2543.00 pullback limit. That’s a reasonable amount of selling pressure to expend without even threatening to reverse the trend down.

That said, the timing of Friday morning’s low – that is, still testing 2543.00 into the noon hour without yet recovering — does keep alive some vulnerability to probing lower. But the origin of probing lower would now still be from a position of strength, having failed to exploit the opportunity for trending down Friday.

Meanwhile, Thursday’s “unfinished business above” at 2552.00 remains outstanding to help attract price higher. A 7-day streak of higher closes has been interrupted by a pullback, which requires Monday to overcome if the Up/Down-crash setup will remain intact.

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

There is NO weekend Saturday Review until next week.