Market Wrap (recording & summary)

Did it, or didn’t it? It did. They did.

Gapping up above Thursday’s 2664.00 afternoon bias environment high after trending down into Thursday’s close had formed a “session-long rally” setup. It doesn’t require extending steeply, but this one did. It’s only likely to probe each prior timing window’s high, but one. This one probed them all.

The afternoon bias environment’s low was 2677.25. The bearish WedEX’s influence doesn’t prevent interim rallies. It only requires a downward bias. Friday afternoon’s higher and higher highs were irrelevant, so long as they resolved back under 2677.25. First, upward momentum had to stop, which it when the 3:10-3:20 proxy window was exited at the bias environment’s 2682.25 high. Collapsing 8 points probed 3 points under 2677.25 to 2674.25.

The late drop wasn’t maintained. But 2677.25 wasn’t recovered before coming to within 3 minutes of the cash session close, and then it was only being overlapped. Futures surging back to 2282.50 through settlement was irrelevant.

So, a lot of buying pressure was expended Friday, without gaining traction for the effort. The new trend extreme close on a Friday was almost credible, except for its leg still overlapping Wednesday’s prior high. That only relieves the obligation for at least one more new trend high close, but not necessarily a new intraday high.

seasonal bullishness, downrend near-term

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