Market Wrap (recording & summary)

Three distinct probes above Thursday’s 2499.00 high each reacted back into negative territory Friday. Each reaction down was on the precipice of reversing the trend down, but held.

A lot of buying pressure was expended to counteract the last reaction down. It was testing the afternoon’s 2482.00 low before entering the position-squaring window at 3:37. Already having probed a fresh high, there was no unfinished business above requiring a retest. So, Monday’s likely resolution is either to compensate for Friday’s delay by gapping down, or else for a gap up to probe fresh highs.

Gapping down could extend, if not collapse, as the market realizes two things: 1) that everyone has been front-running themselves to already deploy quarter-end and year-end purchases, and 2) that the recovery from Tuesday night’s 2317.00 low has been a temporary bear market rally. A slightly higher high testing 2525.25 would be preferable before reversing down, but not necessary. Gapping up could soon fulfill 2525.25, and either reverse down from there or else extend to the next higher bounce potential at 2548.00-2556.00.

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