Market Wrap (recording & summary)

Each timing window of Friday’s session-long rally probed its prior timing window’s high. The usual noon hour exception probed fresh highs, but the afternoon bias environment did not. Which made the final hour likely to probe at least the afternoon bias environment’s high.

But the final hour did not probe fresh highs. Momentum had died out, exiting the bias environment within the noon hour’s range, and entering the final hour within the bias environment’s range. Successful session-long signals tend to extend through the following morning. Similarly, the missing window tends to be fulfilled the following morning, aggressively to compensate for the delay. The burden of proof is definitely on sellers.

Having closed above 2525.25, the next higher objective in-play is 2548.00-2555.00. Closing any higher would then target 2606.00, all within the context of being a temporary bear market rally.

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