Market Wrap (recording & summary)

Friday’s 2793.00 open did what Thursday’s open and close did not. Opening or closing there Thursday could have started reversing the two-week old correction. Delaying its test allowed a position of strength to form at the rally’s highs, to help recover from backing-and-filling.

Which there was. The backing-and-filling could also be considered a pullback, or even downtrending — at least, downtrending within the context of a pullback. Regardless, it would have been done already if the open had held its test of 2793.00. But it didn’t, putting into play 2781.00 and potentially 2764.00.

Both were met (to within 2 ticks). The likely bottom there developed quickly, if not also 2 ticks short of thoroughly fulfilling its downside potential. The bias environment exit reversed up to within 2 points short of the 2793.00 open. Its resistance pushed back down to 2781.00 at the cash session close on the way down to 2776.50.

Two consecutive sessions spent exclusively in negative territory may have ended a corrective dip. Fresh lows immediately Monday could extend down, but the burden of proof would be on sellers. We’ll discuss the possible paths and their likely behaviors this weekend.

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