Market Wrap (recording & summary)

Friday’s gap down held Tuesday’s ~2626.00 low through the open and bounced. Friday’s mid-morning low held a retest of Tuesday’s low by 3 points, and bounced again. Not only one, but two tests of a relevant support, and both tests holding. Usually on Fridays, the “try, try again” setup only traps its sponsorship into a bigger bounce through the close.

Except that Friday’s second test of Tuesday’s low failed before the bias environment lapsed. Sellers were the stronger-handed. Two noon hour opportunities to prove otherwise — which Friday Factors always allow — weren’t exploited as the balance of the session trended back down to prior lows attacking 2597.00.

A hold-short was compelling, other than it being over a weekend and not just during daily maintenance. The bigger picture discussion in this weekend’s Saturday Review defines the risk and potential reward.

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