Market Wrap (recording & summary)

Friday’s gap up to the rally’s next higher objective at 2656.00 took the entire bias timing window through 10:15 to absorb a dip to 2647.00. But the rally resumed and extended higher through the noon hour to 2677.25. That was 3 ticks short of the afternoon’s bias-up target, and the bias environment only dipped down to 2662.00. The final hour firmed to 2670.50 through the cash session close, and to 2672.50 through the futures close, and then to 2677.75.

The bullish WedEX’s success is gauged by a comparison to the bias environment’s high. Which the cash session close barely attacked and the futures close barely touched. The post-close fresh session high tilts the scale, so that we should at least be aware of Tuesday morning’s potential for trending up aggressively from the open.

Closing above 2656.00 has put into play the rally’s next higher objective at 2701.00. Closing firmly above its room for noise at 2668.50 would have expected the rally to extend higher aggressively and without delay. Only overlapping it at Friday’s close leaves the door open to rejecting the close above 2656.00 by immediately reversing back under it.

Details and other markets coverage are discussed in the post-market Wrap recording here.
REMINDER: NO SATURDAY REVIEW THIS WEEKEND DUE TO THE HOLIDAY.