Market Wrap (recording & summary)

Friday’s Employment Situation report was greeted by an optimistic overnight rally from 2918.00. Not too optimistic as to be bearish from a contrarian perspective. In fact, Friday’s 2934.00 open was greeted higher, and the rally extended to 2949.00 into the afternoon bias environment. No traction was gained and the balance of the session ranged sideways, but not before triggering bias-up.

The afternoon’s 2951.75 target was left outstanding. Resistance along the way to it at 2950 (+/-) would be more predictive than influential, meaning that the resolution to its test would be more influential than it would fulfill buying pressure. Above the 2950.00 area would target a retest of 2956.00, and there’s little reason to even visit it other than to break higher. Unfinished business above remains outstanding at 2961.75, which could be tested up to 2969.00.

Any downside with a greater purpose than backing-and-filling would require gapping down sharply — at the very least, under Friday’s 2931.50 post-open lows. Any less weaker weak open would likely be only temporary backing-and-filling intent upon recovering to fulfill the above paragraph’s objectives.

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