Market Wrap (recording & summary)

Friday morning’s 2832.00-2843.00 range fluctuated widely around its gap down to 2837.00. The noon hour was greeted at session highs, which fell relentlessly through the noon hour and afternoon bias environment to 2826.00. That’s 17 points below the high, and almost 28 points below Thursday’s close.

So, it’s interesting that the market left a trail of bread crumbs to help find its way back up Friday afternoon. No-bias trending under 2835.50 was the biggest crumb, which a late surge up to 2838.00 tested along with the 2837.00 opening gap.

The return trip got its start by neutralizing the low’s oversold RSIs. And that was done after a newly violated bounce limit, by impatient sellers that were easily absorbed. Ultimately, the afternoon’s fresh low was recovered to close back above the morning’s low. There’s no unfinished business below, and sellers were robbed of their traction.

But momentum hasn’t reversed up, which needed a close above 2841.00-2843.00. Still a lot of selling pressure was expended, without sellers gaining traction for their effort, and without signaling the trend reversing down.

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