Market Wrap (recording & summary)

Friday’s open quickly slid back down from Thursday’s flat 2294.00 close to Thursday’s 2289.50 low. Even another point lower. The open’s dip proved too shallow to have stretched the rubber band enough for it to snap back up much. But sellers were kept at bay anyway, as a bounce up to 2291.25 split the morning.

Another dip attacked 2287.00 before bouncing back up into the noon hour. And lke the post-open ongoing series of lower lows and lower highs preceding it, another dip reversed to the morning’s low. Being so late in the session and difficult to generate sponsorship, the morning’s low was only pierced, and only by an errant tick.

Sellers simply weren’t strong-handed, which tends eventually to be bullish. Meanwhile, strong-handed buyers weren’t found at either Thursday or Friday’s lower lower. That tends to require a more aggressive downdraft. Alternatively, gapping up sufficiently Monday could already resume the rally.

Resuming the rally might only mean probing fresh highs, and then collapsing. The “new Globex trend extreme” left outstanding at 2299.50 doesn’t make the close any likelier to have extended higher. Thursday’s failure to confirm Wednesday’s breakout was a missed opportunity for entrenching the rally. As was the failure to produce a new trend high close on Friday despite being within proximity.

It’s almost as if this rally no longer wants to be entrenched. Which only undermines the effect of fulfilling attractions above — meanwhile, their attraction remains intact. Intact, and likely to be met next, so long as a gap down under 2275.00 “lower prior highs” is avoided.

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

THERE IS NO SATURDAY REVIEW THIS WEEKEND. SEE YOU SUNDAY NIGHT!