Market Wrap (recording & summary)

Friday’s new trend extreme close at 2786.50 was back within the afternoon bias environment’s range, which does undermine its near-term upside momentum slightly. Similarly, recovering through the close up to 2789.00 doesn’t reinforce the upside momentum.

Regardless, the requirement for at least another eventual higher trend extreme close is not affected. But that is basis U.S. regular trading hours.

That opens a window for a global pullback Monday while participation is suppressed. Only ranging choppily through the afternoon around the morning’s 2785.75 high doesn’t reinforce upside momentum — again, regardless of having surged during the position-squaring window.

My big question is regarding Tuesday’s “top” when its new trend highs were book-ended by closing essentially flat with the open’s 2751.00 gap up. The setup tends to precede a reversal, which there was on Wednesday. But that organic setup was overcome artificially, as weak-handed sellers reacted to news headlines. If the prerequisite recovery triggered a short-squeeze, then a strap in tight.

The chaRTroom will re-open Sunday night at with Globex. I’ll monitor for pullback setups. There probably won’t be much to do if the rally only resumes. Enjoy the weekend!

• Details and other markets coverage are discussed in the post-market Wrap recording here.
• This being a holiday weekend, there is NO Saturday Review.