Market Wrap (recording & summary)

Thursday night’s 61.8% retracement of its afternoon recovery had presented an opportunity. Friday morning could rally back up to Thursday’s close or the overnight higher or higher, but the opportunity had to be exploited early. And it wasn’t.

That left the door open to resuming the overnight decline. Whether as a deeper correction of Thursday afternoon’s recovery, or to resume Thursday morning’s decline, a bias-down signal would have been very productive. But noN-bias triggered instead, and several attempts to trend down failed.

The afternoon bias environment’s probe above the morning’s highs wasn’t any more reliable. Its bias-up signal quickly contained the brief enthusiasm. Which sellers also failed to exploit, like the morning’s failed recovery opportunity.

We’ll discuss the bigger picture at this weekend’s Saturday Review, along with possible paths and strategies for the new week. We’ll also do instant chart analysis of any stock requests. I’ll send the link in the morning.

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