Market Wrap (recording & summary)

Thursday’s relentless optimism clearly discounted Friday’s Employment Situation report. The news was greeted at Thursday’s 2828.50-2831.00 highs, where its reaction fluctuated into and out of the open. Of course, the report wasn’t the only influence, so it’s more coincidence than efficiency that the news was already perfectly discounted. But it’s still

Breaking out of the 2828.50-2831.00 range attacked the 2836.00 overnight high before retracing. The open’s range held as support, and being Friday morning, sellers were done. Not finished, but done. The balance of the session trended higher to fulfill both the morning and afternoon’s 2837.50 and 2838.50 bias-up targets.

And higher. Exiting Friday afternoon’s bias environment beyond the session’s other timing windows tends to extend. The final hour’s entry surged up to 2840.25 where resistance was already identified. Its reaction down was brief, and too late to be the work of strong-handed sponsorship. The afternoon’s uptrending pivotal support held its initial test, and overbought RSIs attracted the close back up to the high.

Retracing the prior week’s 2838.25-2842.25 high close confirms the interim dip was only a temporary correction. Which also confirms the eventual third higher close requirement. Closing within the prior high close’s range doesn’t qualify. The likelihood for probing January’s highs remains intact, too.

Details and other markets coverage are discussed in the post-market Wrap recording here.
THE LINK TO THIS WEEKEND’S SATURDAY REVIEW WILL BE EMAILED BEFORE ITS 9:30 ET START.