Market Wrap (recording & summary)

Friday’s rally was impressive. Probing prior highs wasn’t surprising, as we were expecting the interim reaction down to be only temporary. Still, the rally did miss an opportunity to further entrench itself by closing at a new trend high on a Friday. That would have required at least another eventual new high close.

Another new high close is still possible, but not any more required than it would have been. Exiting the afternoon bias window entering the final hour within the prior timing window’s range failed to gain traction. But the rally can extend without delay Monday morning by gapping up.

A pullback first would have room down to Friday morning’s “lower prior highs” at 2868.50 before a more substantial decline might be underway. An immediate decline could be only a detour, or something more durable. Otherwise, higher objectives are coming into play. We’ll discuss their specifics at Saturday Review.

Details and other markets coverage are discussed in the post-market Wrap recording here.
Look for the Saturday Review link in your morning email.