Market Wrap (recording & summary)

Friday morning contained and constrained the market in a relatively narrow 2647.75-2651.25 range. The noon hour wasn’t entered any higher, but the afternoon bias environment entry sustained a breakout. And it triggered bias-up, putting into play its 2660.50 target.

Not that the balance of the session exploited any of that. The bias environment exit dipped back into the range’s 61.8% retracement at 2649.25. The proxy window came and went without extending deeper. The morning range’s upper-end was pierced, but not really probed again until coming to within 3 minutes of the cash session close.

So, ending the day by piercing a fresh high up to 2655.00 doesn’t make the rally any likelier to extend immediately. But the new “unfinished business above” at 2660.50 helps, and could extend higher without delay. Thursday’s 2642.00 “lower prior highs” would likely recover from a pullback’s test, but not from gapping down any lower.

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

I’LL SEND THE SATURDAY REVIEW LINK IN THE MORNING. JOIN US THERE BY 9:30 AM ET.