Market Wrap (recording & summary)

Friday trended up throughout, but it was not a session-long rally. Even then, a session-long rally setup would include one window no probing a prior timing window’s high, but Friday’s intraday rally was relentless.

It was also substantial. The pre-open Employment Situation report’s reaction tested the next higher objective at 2758.00, and the morning bias environment exceeded its next higher objective at 2770.00. Having avoided the distributive template all morning, the afternoon extended up to 2792.00.

Having avoided the distributive template’s reaction down all day, its next appearance should control the entire session, or two. Perhaps it will also be influenced by the Friday Factor — keeping the morning’s bias persistent through the noon hour, and exploiting the afternoon bias environment holding off sellers.

Monday’s open could be the beginning of that multi-session distribution template, already trending down through the morning. Otherwise, the next higher objectives in-play are 2818.00 and 2830.00-2833.00.

• Details and other markets coverage are discussed in the post-market Wrap recording here.
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