Market Wrap (recording & summary)

Friday’s bullish WedEX influence wasn’t responsible for the morning’s rally from its post-open dip to 2835.00, back up to 2848.25. The post-open dip to 2835.00 not triggering the 2836.75 bias-down signal enabled that reaction, despite not being a requirement.

After entering the afternoon’s bias environment on a pullback to 2841.00, recovering above 2844.50 would have fulfilled the bullish WedEX influence. Extending to fresh highs at 2857.00 was not a requirement.

The market certainly seems like it wants to trend higher. Especially when it trends higher than its setup requires. Also when it trends up despite a seemingly bearish sentiment. A lot of the latter is a reflected in FAANGs and NDX underperforming S&Ps, and more so the Dow, for a second consecutive session. That’s usually bearish in the near-term.

But probably too near, since expirations aren’t usually associated with trend extremes. Collapsing out of the weekend would likely recover quickly. And having peaked Friday upon testing “higher prior lows” from the prior week’s 2854.00-2863.00 consolidation, extending higher out of the weekend would likely gap up to and/or through its upper-end.

Details and other markets coverage are discussed in the post-market Wrap recording here.
THERE IS NO SATURDAY REVIEW THIS WEEKEND… BIGGER PICTURE WAS REVIEWED IN THE MARKET WRAP VIDEO.