Market Wrap (recording & summary)

Friday’s open was a totally different picture from a pre-open attempt to reverse the trend down. Breaking under the 2838.00 earlier Globex low would have been bearish for the morning. But surging back up to the 2945.50 overnight high didn’t prevent probing under 2838.00 anyway.

The difference is that Friday’s selling pressure amounted to 10-11 points off the highs. Applying that much selling pressure to an open under 2838.00 would have damaged the ongoing uptrend. Instead, Thursday afternoon’s 2936.00 last relative low ultimately held as support.

Similarly, all of Friday afternoon trended down from 2944.00 to 2935.00. It is an easily discernible series of lower lows and lower highs, forming an intraday downtrend. A lot of selling pressure was expended, while still failing to gain traction for the effort.

The bullish WedEX by proxy certainly wasn’t influential, so an aggressively bullish Monday morning is not at all reliable. Nonetheless, any immediate strength Monday would be credible retracing and reversing Friday afternoon’s decline. “Unfinished business” at the morning’s 2947.50 bias-up target remains outstanding, too.

Join us at the Saturday Review to discuss paths up and vulnerabilities to extending down anyway…

Details and other markets coverage are discussed in the post-market Wrap recording here.
SATURDAY REVIEW BEGINS AT 9:30 AM ET.