Market Wrap (recording & summary)

Happy New Year’s!

Whether it was a warning or a promise, it came true: The year’s last trading day was worth sticking around for. Unlike other three-day weekends, there’s business to be done, right up to the bitter end.

The session’s decline didn’t find an air pocket. But selling pressure was relentless, anyway. And it trended, in a series of lower lower lows and lower highs.

Starting at the morning’s 2248.00 bias-up signal, with its sites set 2230.00-2232.00, the target was met, even exceeded by more than 1 point. Its upper-end was still being tested at the cash session close, and then higher to 2237.25 into the futures close.

Any “unfinished business below” that was neutralized Friday was also put into play Friday. So, once again there is no unfinished business below. And once again, that need not prevent trending down deeper anyway. Attractions below at 2215.00 and potentially 2205.00 could be met as the week/month/year begins.

Gapping open above 2239.00 would all but reject the late drop, and reverse momentum up. Sellers did gain traction Friday — the bias environment was exited under the noon hour’s low, and the final hour was entered lower — so gapping up would be bullish.

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

REMINDER: There is no Saturday Review this weekend due to the holiday. Please have a safe and happy New Year’s celebration!