Market Wrap (recording & summary)

Thursday’s sellers had gained no traction for their efforts down to 2763.75, while expending a lot of selling pressure that left no “unfinished business below.” Another rally effort Friday was likely, and the overnight drop to 2755.75 didn’t change that.

In fact, the overnight drop facilitated Friday’s rally, by allowing the open to isolate the fresh lows to the overnight. So long as the pre-open recovery wasn’t retraced back down to Thursday’s lows, the Isolation setup was intact.

The Isolation setup performed normally, getting a choppy start off of the 2769.00 open, but soon extending to higher highs. The setup’s usual reward is to retest the origin of the leg that was eventually isolated — that’s Thursday’s 2783.25 high. It was touched at the close.

The morning’s bias setup had fulfilled the offsetting test of its 2778.50 bias-up signal during the noon hour. And the afternoon’s 2782.00 target was fulfilled. Again, no “unfinished business” was left outstanding.

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