Market Wrap (recording & summary)

Friday was almost greeted from within another narrow sideways range resisted by 2926.50. But the knee-jerk reaction to GDP had surged to 2932.00. Then its pre-open retest was reversed back down into the overnight range anyway. That’s the normal consequence of breaking an overnight range within 60-90 minutes of the open.

Sellers were attempting to trend on a Friday morning. They failed, so they became marginalized. Separately, holding tests of both the 2919.50 and 2924.50 bias-down parameters put into play offsetting tests of the 2934.00 and 2940.75 bias-up parameters. They weren’t required because the rejection was late, but their tests were fulfilled anyway.

“Unfinished business” from prior sessions at 2942.00 and 2942.75 was also fulfilled by Friday’s last-minute surge to 2942.75. Surging earlier might have qualified as a new trend high close on a Friday, but this came too late, so new new unfinished business was created.

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