Market Wrap (recording & summary)

The long-awaited likely test of 2902.00 was neutralized well before Friday’s open, by surging from under 2896.00. Its room for noise up to 2911.00 was eventually pierced by 3 ticks, also before the open.

The open’s gap up surged to attack 2915.00, in time to suggest that any reversal would be relatively shallow and temporary. Its reaction held a 38.2% retracement of the open’s gap, natural support.

The balance of the session firmed coming out of the morning’s bias environment. The afternoon’s bias environment was resisted by 2911.00 until the very last-minute blipped up to 2913.00.

The was a new trend high close on a Friday all but requires at least an eventual higher close. Gapping up above all prior intraday highs all but ensures recovering from any interim pullback, too. The quarterly earnings onslaught takes a much higher profile next week.

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