Market Wrap (recording & summary)

Friday was all about Thursday, apparently. Maybe not all about it, but Thursday’s signals were influential.

Thursday’s buyers had gained traction that earned the reward of probing higher Friday morning. Gapping up Friday to 2730.00 extended higher through the bias environment to 2745.50. The balance of the session was spent retracing the post-open gains. Until that was completed during the position-squaring window. Which then extended back under Thursday’s 2726.25 high. And still had time to touch 2720.75.

Thursday’s close had dipped back under 2718.00 to prevent signaling the rally had reversed up. This doesn’t prevent another attempt, but dooms that attempt to failure. Retracing back to the open’s gap up would have qualified as doom, but also required gapping down Monday. Retracing back within Thursday’s range increases the vulnerability to gapping down.

Friday’s intraday setups were also influential. Mostly for what they did that wasn’t required. Like break under the afternoon bias environment’s isolated low, after its shorts were trapped. That’s new sponsorship. Or, like collapsing back under the opening gap. That’s rejection.

Thursday’s bounce was not itself reversed, or even rejected. But Monday’s resolution to Friday afternoon’s drop should be predictive of the market’s next move.

Details and other markets coverage are discussed in the post-market Wrap recording here.
REMINDER: NO SATURDAY REVIEW THIS WEEKEND.