Market Wrap (recording & summary)

Friday’s wide swing had begun the night by gapping down back under Thursday’s last-minute surge to 2740.00.   That didn’t prevent probing higher anyway to 2747.50, which didn’t prevent retesting the earlier overnight low down to 2731.25. Which is a potentially bearish setup, rejecting an overnight trend high back under the earlier overnight low.

The setup can be as bullish as it would have been bearish. But it never fully formed, with the open testing the earlier low. So, it was never rejected. Which didn’t prevent Friday from behaving as bullishly as the setup would have been bearish.

Potential to the low 2760‘s was fulfilled at 2760.00-2761.00 by noon. The balance of the session fluctuated around it. But probing higher and higher (and higher) above 2761.00 to eventually test 2766.00 kept reacting back down under 2761.00. The last dip blipped-down to test 2757.00 during the position-squaring window, and snapped back up to attack 2764.00 into the close. Two-week old gaps and higher prior lows were tested from below, and held through the close to prevent putting any higher targets into play.

Details and other markets coverage are discussed in the post-market Wrap recording here.
REMINDER: NO WEEKEND REVIEW SATURDAY. CHARTROOM RE-OPENS 6 ET SUN.