Market Wrap (recording & summary)

Friday’s Employment Situation report had kept overnight action range bound, albeit a wide and choppy range. The flat 2906.00 open tried to resume Thursday afternoon’s recovery, only to reverse down from testing and retesting 2914.00. The first leg was shallow, and the second leg plunged to 2880.50 and then to 2873.25.

The afternoon’s bias-down target was 1 point lower at 2872.25, which is close enough not to become “unfinished business.” That allowed the balance of the afternoon to focus on unfinished business above, at the morning’s 2900.25 bias-down signal, whose break during the no-bias environment requires being retraced. The afternoon’s bounce came within 6 points before stalling.

Closing Friday under 2879.00 would have next targeted 2850.00, retracing the leg prior to the month-old rally. Holding its test through the close only prevents putting the next lower objective into play. Stocks are open as usual on Monday’s Columbus Day, but might not trade normally for the holiday, which is usually subdued. We’ll review paths at the Saturday Review.

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