Market Wrap (recording & summary)

Friday Factors helped to set a floor Friday morning. The open’s 3-point surge to 2282.00 was reversed by a 7-1./2 point plunge that attacked overnight lows to within 2 ticks. We know that recovering from a probe under the overnight low would form a more credible bottom. But that didn’t entice Friday’s fickle sponsorship to maintain control.

The morning’s 2372.25 late bias-down target became “unfinished business below.” Recovering to within 2 points of the open’s 2282.00 high suddenly found great volatility between 2276.00-2281.00. But the overnight and post-open decline’s never resumed. The balance of the session blipped-up to and slightly through 2281.00, where the session closed.

I describe in the Market Wrap video why the pattern suggests that even the most bullish resolution will likely be preceded by a fresh low. That fresh low may be isolated to the overnight. It could take longer if the 2372.25 bias-down target’s delay has made 2368.50 or 2364.00 likely, too. Of course, gapping up Monday above 2288.25 would suggest new sponsorship has arrived already.

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

Join us for this weekend’s Saturday Review at 9:30am ET in the chaRTroom. Reminder links will be sent early-morning.