Market Wrap (recording & summary)

Gapping up Thursday and trending higher relentlessly into the afternoon confirms the longstanding bigger picture’s expectations that new highs be made aggressively into an ultimate top. The expectation has also been for multiple consecutive uptrending sessions, which is likely since expirations rarely produce trend extremes. We’ll discuss that in more detail this weekend.

Meanwhile, simply maintaining Thursday’s gap up serves by proxy to form a bullish WedEX. That will apply to Friday afternoon – Monday morning. Friday morning might trend up anyway, too, since Thursday afternoon’s final hour entry and proxy window gained traction, and the position-squaring window didn’t reject it.

Thursday afternoon’s traction doesn’t immunize Friday morning from a pullback. Neither would a Friday morning pullback interfere with the afternoon’s bullish WedEX influence. Regardless, keep in mind that expiration — Quad Witch, no less — can accentuate, accelerate, or prematurely abandon otherwise reliable signals.

Details and other markets coverage are discussed in the post-market Wrap recording here.
Monitor overnight Globex trading in the chaRTroom here.