Market Wrap (recording & summary)

Friday’s gap-and-run extended substantially, fulfilling all upside objectives. That included probing above 2733.00, which was the next higher objective above 2725.25-2727.25. Friday morning’s bias signal also persisted through the noon hour. And although the afternoon’s 2735.00 bias-up signal triggered, its 2-tick margin was suspicious enough before also being retraced entirely within a couple of minutes.

So, there is no “unfinished business above.” No new unfinished business below was created, but Thursday’s oversold RSIs at 2699.75 remains outstanding.

Departing from the common Friday afternoon template, the trending session ended in retracement. Not extending earlier trending would be more typical, as typical as extending higher, in either case being unlikely to attract counter-trend sponsorship. But sellers made an effort by exiting the bias environment under the noon hour highs despite an interim probe of fresh highs.

Sellers gained traction by probing fresh afternoon lows through the 3:10-3:20 proxy window. But that was where the reaction down ended. The close bounced back up to 2733.00. The break had potential for extending to 2723.50-2724.25, which isn’t required, but now represents the range for noise below.

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