Market Wrap (recording & summary)

Thursday’s rally through the afternoon bias environment greeted the noon hour within the bias environment’s range. And the 3:10-3:20 proxy window didn’t trend. So, exiting the bias environment above the noon hour’s range never confirmed it was gaining traction. Which leaves vulnerability either way in reaction to Friday’s pre-open Employment Situation report.

That was a lot of buying pressure to expend Friday, relentlessly, without gaining traction for its effort. If the buying pressure is optimism, then it is “ineffectual optimism.” Which isn’t a sell signal, but it essentially requires more optimism without delay to avoid being reversed. And if that’s just one degree of difficulty, now it’s two degrees, since post close action fulfill the 2831.00 upper end of the target area ,too.  More buying pressure expended, still no traction for the effort.

There’s still at least an eventual third higher close required, and a likelihood for probing January’s highs. That was signaled last week, and so was the potential for a temporary pullback. Relevant levels have been tested and held, and now proved influential. None of which requires extending higher immediately Friday, but all of which remains consistent with the bigger picture expectations.

Details and other markets coverage are discussed in the post-market Wrap recording here.
Monitor overnight Globex trading in the chaRTroom here.