Market Wrap (recording & summary)

Friday afternoon’s 2586.00 bias-up target was met to within 2-3 ticks. It’s still an attraction so long as price remains in its orbit, and doesn’t break under a prior low. But it does not become “unfinished business above.”

That attraction above may have helped to avoid any late reversal — whether a steep collapse, or shallow backing-and-filling. It’s already difficult on a Friday to reverse down after exiting the afternoon bias environment at fresh session highs. In fact, the nearest sell signal at 2582.75 was only touched and not triggered while being attacked 2-3 times during Friday’s last 60-90 minutes.

Late price action fluctuated around 2583.50, which was the optimal level for a new trend high close on a Friday. Clearing all prior intraday ranges would be preferable, but Wednesday’s 2585.50 high was only touched before its obligatory resistance reacted down.

The next higher objective at 2590.50 remains outstanding. Two weeks of expanded volatility is likely to persist after the weekend. We’ll discuss those topics, their implications, and more during this weekend’s Saturday Review.

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

Look for email in the morning containing the link to this weekend’s Saturday Review, which starts at 9:30am ET.