Market Wrap (recording & summary)

Friday’s open recovered from an overnight slide, and probed above Thursday’s highs 2-3 times. The 2736.00 close was at or above Thursday’s highs to avoid rejecting or invalidating Thursday’s bottoming pattern. But Friday’s close did not qualify as confirmation that momentum has reversed up. Given that overnight sellers failed to exploit the opportunity of breaking under 2709.00, reversing up intraday to attack 2749.00 suggests that sellers are weak-handed. But further bullish behaviors are needed since that intraday surge also neutralized upside attractions without putting into play anything new. Meanwhile, still testing the afternoon bias environment’s 2736.00 entry wasn’t decisively bearish WedEX influence, but neither was it decisively rejected. So, any immediately bearish behavior Monday would still be credible for trending down aggressively through the morning.

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