Market Wrap (recording & summary)

“The cart won’t go before the donkey’s hooked up,” as my make-believe Great-great Grandpappy would have said back in the day. Friday he would have said that a rubber band can’t snap until it’s stretched. Which is what happened to the bearish scenario. Or, more appropriately, what didn’t happen to it.

Probing fresh highs Friday above the 2677.00 corrective bounce limit would have been likely to reverse down throughout the afternoon. Fresh highs weren’t probed, perhaps because Thursday’s surge into the futures close did, after all, fulfill the traction gained by its intraday rally. Perhaps the NQ sell-off siphoned the day’s selling pressure, having probed above Thursday’s high before plunging through the afternoon.

Nevertheless, the ongoing test of 2677.00 wasn’t rejected, so fresh highs are still possible. And fresh highs are still vulnerable to reversing down, albeit a little less so. Extending higher would target 2693.00 and 2703.00. Oversold RSIs at Friday morning’s 2657.75 low will require a retest at some point, too.

Details and other markets coverage are discussed in the post-market Wrap recording here.
I’LL EMAIL THE LINK TO SATURDAY REVIEW IN THE MORNING.