Market Wrap (recording & summary)

Thursday night’s relentless rally was shallow, but nevertheless productive since it probed Thursday’s 2846.50 high. The proximity to “unfinished business above” at 2848.75 had opened the door wide for its retest. But the GDP reaction slammed the door shut. The upside potential could have reopened had the GDP reaction’s 2839.00 low held its retest. But it didn’t, and that was the sound of the slammed door being locked shut.

Extending down wasn’t required, since only noN-bias had triggered. But the pre-open low’s retest extended down to within 2-3 ticks of the morning’s 2829.50 bias-down target. Extending that drop wasn’t required, either. But it extended at the morning bias environment exit, and at a much steeper slope.

The 2818.00 prior high was retested, including unfinished business below at 2813.75. And that was probed by 5 points as the noon hour ended. The balance of the session ranged back up to 2821.00, exiting the bias environment too low to trigger a short-squeeze, but somehow avoiding another downleg targeting 2801.50. Monday’s open should either take care of that, or else be well on its way to recovering 2828.50.

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