Market Wrap (recording & summary)

Friday’s gap up and probe of fresh highs was rejected. Not immediately, and not without actually trending up to fulfill the morning’s 2730.00 bias-up target up to 2732.50. But the afternoon bias environment dipped 2-4 points into negative territory and contained the session low at 2716.75.

Fulfilling the bias-up target before being fully retraced means that much more buying pressure was satisfied first, and that no “unfinished business above” was left outstanding. So, the question is whether only briefly probing negative territory is an appropriate consequence. If not, then reacting down further is likely — whether aggressively, or simply backing-and-filling.

And that’s assuming the rally intends to extend. Dipping further could be the beginning of the trend reversing down. Avoiding any dip to immediately extend higher could be another version of Friday morning’s temporary rally, but with a more permanent reversal down.

Details and other markets coverage are discussed in the post-market Wrap recording here.
I’LL SEND LINKS IN THE MORNING TO THE 9:30 ET SATURDAY REVIEW.