Market Wrap (recording & summary)

Probing a new high Friday wasn’t required, but it was likely. Rejecting it wasn’t required, but it was likely. Probing a new high before the bias environment exit (2:30) would have been easier to reject, for its sponsorship possibly having run its course. Originating after the proxy window exit (3:20) would have been easier to reject, for its sponsorship being weak-handed.

Friday started printing new highs in that sweet spot between the two windows. And it extended to 3 points above Tuesday’s 2809.50 peak. Its reaction down held Tuesday’s peak as support, then extended up to 2815.00.

The bearish WedEX influence wasn’t obvious, if it existed at all. The signal did not invert, and may as well be considered invalidated — except that it still provides a template for trending down throughout Monday morning. But that would be moot if not already trending down post-open.

Regardless, overbought RSIs at the 2812.50 high require an eventual retest. The new trend extreme close on a Friday now requires another eventual new trend extreme close. And trend extremes aren’t normally associated with expirations. None of which prevents immediately reversing down Monday for what would be only a temporary detour.

• Details and other markets coverage are discussed in the post-market Wrap recording here.
• Join us in the morning for this weekend’s Saturday Review. I’ll send its link overnight.