Market Wrap (recording & summary)

MARKET WRAP WAS HELD EARLY AT 2:22 ET FRIDAY.
THIS SUMMARY IS BASED ON PRICE ACTION THROUGH 3:30.

Friday Factors exploited the morning’s inability to exploit the delayed improvement upon the open’s gap up. Friday morning biases tend to persist through the noon hour, further inhibiting sellers. And greeting the afternoon bias environment all but fulfilling its target also fulfilled its buying pressure. Yet another opportunity sellers failed to exploit.

The rest of the session was governed by the greatest Friday Factor of them all. Trending sessions that exit the afternoon bias environment above all prior timing window highs rarely reverse down. And the greatest corollary of them all, that the setup is very vulnerable to extending the session’s trend.

We’re left with a new trend extreme close requiring at least an eventual follow-up higher close. It’s a blow-off rally, and Friday Factors probably also prevented rejecting early strength early, so another downdraft first is possible Monday morning. But any downdraft at this stage, however deep or protracted, is likely to be recovered.

• Details and other markets coverage are discussed in the post-market Wrap recording here.
• REMINDER: NO SATURDAY REVIEW THIS WEEKEND… ENJOY!