Market Wrap (recording & summary)

Absorbing multiple dips Friday morning had at least indicated sellers weren’t gaining traction for their efforts. And there had been many. The failed dips also established that Thursday afternoon sellers gained no traction for their efforts. But the minimum reward or consequence was to retest Thursday’s high.

And that was done Friday afternoon. Without being rejected.

Two no-bias environments could hardly wait to probe their bias-up signals. The behavior wasn’t so optimistic as to be bearish from a contrarian perspective. But it does suggest the rally is credible for extending higher.

Closing above Thursday’s high has put into play the next higher objective at 2768.00-2770.00. There’s no timing or other requirement to meeting it, so reacting down Monday can’t be discounted — especially following a weekend of headlines from the G-20 meeting.

Details and other markets coverage are discussed in the post-market Wrap recording here.
NO SATURDAY REVIEW THIS WEEKEND.