Market Wrap (recording & summary)

Was the bullish WedEX influential Friday afternoon? The day ended by probing the morning’s lows, finally. But only overlapping, and in a relatively narrow range, which began by the first hour’s Inertia signal. No pattern that developed Friday is going to be reliably predictive. So, bullish WedEX remains credible for producing a rally throughout Monday morning. A rally would still be credible from any open, even from gapping down, unless trending down through the open.

Separately, the 6-point pullback from Thursday’s rally, which had extended to 10 points overnight, is now 13 points at 2576.50. That’s the room for noise to a 61.8% retracement of Thursday’s range. And it’s a 38.2% retracement back down to Wednesday’s 2555.50 low. If that hasn’t sufficiently stretched the rubber band to snap back up, then the week-long decline may resume with a vengeance.

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

REMINDER: This weekend’s Saturday Review is cancelled. The chaRTroom will re-open with Sunday night’s Globex session at 6:00pm ET.