Market Wrap (recording & summary)

The overnight rally was already testing 2656.00 before a late surge to 2662.00 greeted Friday’s open. That allowed a post-open dip to attack 2656.00 as support. It held, and the rally soon resumed. Extending up through 2666.00. filled the gap back to last Friday’s ~2671.00 close. Natural resistance.

The afternoon’s 2672.50 bias-up target was touched at the noon hour’s high. Its reaction attacked 2660.00 at the noon hour’s low. Bouncing only to retest 2666.00 was short of triggering bias-up, which tends to end upside momentum on Friday. Another dip to 2660.00 almost defined the balance of the afternoon until a late break lower.

The afternoon gained no traction for the morning’s rally effort — the bias environment exit and final hour’s entry were both within the noon hour’s range. Closing above 2666.00 would have put back into play the bear market rally’s next higher objective at 2701.00. Closing under 2656.00 would give sellers traction, but Monday’s open can also do that by proxy.

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