Market Wrap (recording & summary)

Trending during Friday afternoon’s no-bias environment was unlikely, being both Friday afternoon and a no-bias environment. Even the proxy window was stagnant — until the moment it lapsed at 3:20. Surging triggered a sell signal above 2359.25 that was considered only because Friday Factors can be very productive when they overcome the likelier whipsaw.

And the likelier whipsaw was overcome. Surging into the cash session close attacked 2364.75. A post-close blip-up attacked 2366.00 momentarily. Any higher would have targeted at least 2371.50. But that was unlikely, since the surge’s origin reflects weak-handed sponsorship. The new trend high close was within the range, disqualifying it from requiring any higher close.

But a higher high is nevertheless encouraged. Why? Because yet another relatively deep, steep intraday drop has been retraced entirely. That’s 4 or 5 for the week. At least an obligatory probe of fresh highs is likely. Correcting Friday’s late surge is likelier first. Reversing it back under Friday afternoon’s 2355.75 bias environment low is possible, threatening a “session-long decline” targeting “lower prior highs” under 2347.50.

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

Monitor overnight Globex trading in the chaRTroom here.