Market Wrap (recording & summary)

The overnight recovery to 2826.00 was essentially a repeat of the prior night’s recovery to 2825.00. Both were reversed down sharply before their opens. But Friday’s collapse held up enough to trigger bias-up, producing a very productive rally that included the likely reward for retesting the pre-open high — surging up to the 2831.00 area, and extending during the noon hour to 2836.50.

Meanwhile, Friday afternoon’s bias-up triggered, leaving outstanding its 2838.25 bias-up target. Which is not invalidated. The afternoon’s attacked 2826.00, which already raises the degree of difficulty in neutralizing the “unfinished business” above. Now add to it that the afternoon’s pessimism confirms the bearish WedEX will influence Monday morning. The question is whether the likely post-open slide is preceded by gapping up.

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