Market Wrap (recording & summary)

Friday’s last 45 minutes ultimately bounced. And not a little, rallying 13 points in 3 distinct legs. But the late surge to 2673.00 originated from fresh session lows at 2660.00. And even the bounce didn’t interrupt the ongoing series of lower lows and lower highs to maintain the downtrend.

So, the bearish WedEX was influential Friday afternoon, which means it should be very influential Monday morning. That doesn’t preclude gapping up sharply before the intraday influence takes over. It doesn’t prevent gapping down or opening flat, either.

Meanwhile, Friday’s low stopped optimistically short of filling an outstanding gap in the 2658.00 area. It’s less likely to hold a later test. Or, at least, unlikely to be recovered without probing under it decisively. Otherwise, while it’s too late to invert WedEX, opening above 2685.00 would suggest that something has changed dramatically.

Details and other markets coverage are discussed in the post-market Wrap recording here.
THERE IS NO MARKET WRAP THIS WEEKEND DUE TO TRAVEL. CHARTROOM WILL RE-OPEN SUNDAY EVENING WITH GLOBEX.