Market Wrap (recording & summary)

Ultimately, Friday’s session offered nothing predictive or insightful to the bigger picture. It was an Inside Day, and almost exclusively developed in negative territory.

The pre-open setup we had anticipated and discussed during the Market Tour did develop, albeit slowly. Waiting so long to break the overnight range proved unable to extend, recovering back into the overnight range.

The morning’s bias-down triggered, but held tests of its 2581.00 target down to 2577.00. The bias-up signal’s resistance broke higher as the bias environment lapsed. But only to briefly fill the gap back Thursday’s 2594.00 futures close by 2 points. Another dip coming out of the noon hour was too late to trigger bias-down. Bouncing from there eventually filled the gap back to Thursday’s 2596.75 cash session close.

Nothing about Friday’s session indicates the uptrend has ended and that 2606.00 can’t be tested soon. By the same token, nothing indicates much momentum to extend through its room for noise up to 2626.00, or to maintain any intraday probe of fresh highs. And being an Inside Day, let alone shallow, gapping down under its afternoon low would be disqualified from forming a reversal setup.

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