Market Wrap (recording & summary)

Thursday afternoon’s paralysis ahead of Friday morning’s Employment Situation report was masked by the wide range containing it. My last comments before noon identified a sell signal under 2275.75 targeting  2271.00. It was met at noon, and the balance of the afternoon essentially developed between them.

Actually, the afternoon high tested 2277.00. The last bounce retested it and finally closed above 2275.00. By 1 point. Closing there, or not, that’s still a big attraction for the fourth consecutive session.

Now there’s another attraction. Overbought RSIs at the morning’s 2279.75 high require a retest. That can be neutralized by retesting it overnight. And it’s not necessarily resistance — gapping up (and maintaining it) continues to be the bullish setup. Again.

One other bullish setup would be to recover from probing fresh low, i.e. isolating them to the overnight. There’s only a small chance that this pattern absorbs another fresh low, but it would point higher into the weekend. Otherwise, a downleg targeting 2248.50‘s retest should make itself obvious before the open.

There was no Market Wrap recording Thursday.

Monitor overnight Globex trading in the chaRTroom here.