Market Wrap (recording & summary)

Thursday night’s rally to 2807.25 was retraced back into negative territory at 2795.50 overnight. And then price hovered, awaiting Friday’s open, postured to easily break under the 2797.00 earlier overnight low through the open. And the open was essentially right there, withing ticks of triggering a downtrend. But the opportunity wasn’t exploited. Neither was another opportunity, when fresh lows tested the 2793.50 bias-down signal. And that was it for sellers, with two failed attempts at reversing down. The consequence for an offsetting test of the morning’s 2804.00 bias-up signal was quickly fulfilled, and the balance of the session ranged sideways between 2801.00-2806.00.

The pre-open and post-open opportunities weren’t the only ones available for sellers to retake control. Either test of 2804.00 could have launched a downleg, too. Thursday night’s test had neutralized Thursday’s unfinished business above, and Friday morning’s test fulfilled the morning’s buying pressure. Not exploiting it already does make fresh highs a little likelier, especially with attractions outstanding at 2809.00 and 2813.00. But opening under Thursday’s close / Friday’s open would at least introduce a detour down.

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