Market Wrap (recording & summary)

Thursday night’s relentless rally had originated from its open retesting the 2782.75 low. Already having rallied 20 points to 2803.00, a last-minute surge through the open extended to neutralize the “unfinished business” back to Monday’s 2807.75 opening gap. Some resistance was expected, but not necessarily substantial. That didn’t prevent collapsing 20 points to essentially fill the gap back to Friday’s closes.

That was the morning. As with most Friday mornings, its effort tends to end there. In fact, the balance of the session repeated the overnight pattern of simply rallying relentlessly. And as with most Friday afternoons, exiting the bias environment above its noon hour high effectively marginalized sellers for the day. Not as reliably or productively as if also exiting the bias environment at fresh session highs, but reversing down would not be done by strong-handed sponsorship, if at all.

Friday morning’s 2808.25 high was attacked to 2807.00 before closing at 2804.50. Friday’s close is a new recovery high close, but still under prior sessions’ intraday highs, which would otherwise require another eventual new recovery high close. So, reversing down immediately would leave no unfinished business above.

Slightly likelier than reversing down immediately is to first extend higher. Stopping pessimistically short of the morning’s high Friday afternoon suggests probing higher anyway. That’s likely either to attack last Monday’s 2814.00 high to 2812.50, or probing it up to 2817.50. Slightly less likely is to reverse down immediately, attracted initially to Friday’s low where the delayed recovery didn’t isolate the post-open low to the bias environment.

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