Market Wrap (recording & summary)

Friday’s Employment Situation report was approached optimistically. Not so much restrained, but certainly not excessive. Goldilocks might have described it as: just right. The news triggered a 7-1/2 point spike up that immediately peaked, and retraced entirely through the open. Like the approach, the reaction was no so much restrained, and certainly not excessive.

Neither was the reaction reversed. The open recovered through the knee-jerk reaction’s 2893.50 high to a fresh high at 2896.50. Then we saw the definition of restrained, excessive restraint, as the balance of the session ranged narrowly sideways.

Trading narrowly sideways into the weekend isn’t surprising for Fridays. A little more surprising was trading narrowly sideways at early fresh highs. So, a little less surprising was firming to 2898.00 through the close.

The next higher objective at 2902.00 is officially in-play, all of 4 points higher. Not that Friday’s glacial momentum ensures resuming the rally after the weekend. Regardless, closing at a fresh trend extreme on Fridays requires an eventual higher close, even if the weekend were exited in pullback mode — which touching 2902.00 might inspire.

Details and other markets coverage are discussed in the post-market Wrap recording here.
Monitor overnight Globex trading in the chaRTroom here.