Market Wrap (recording & summary)

The relentless overnight rally up to  2376.25 was captured by the intraday open. Post-open action caged it, becoming easy prey for the afternoon’s sellers. But the afternoon’s attempt at killing the beast did not succeed. Not for lack of trying — the 2359.75 bias-down target was met. But it was met prematurely, which essentially marginalized sellers for the day.

Having been marginalized, albeit only essentially and not utterly, it was sellers’ turn to be exploited. Recovering the 2365.75 bias-down signal coming out of the afternoon’s bias environment trended up relentlessly into the close. RSIs diverged negatively into the bounce’s 2370.00 peak.

Friday was a second consecutive positive close. It was the first in seven sessions not to probe fresh lows intraday. And it creates a special setup that can launch a retest of the prior week’s highs. (I’ll describe its parameters this weekend*.)

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

*JOIN US FOR THE SATURDAY REVIEW AT 9:30AM ET… LOOK FOR AN EARLY MORNING EMAIL WITH ITS LINK.