Market Wrap (recording & summary)

Friday’s session didn’t include a capitulative leg. The morning’s 9-point decline was contained, so it doesn’t qualify. The afternoon only ranged flat-to-lower. And the session doesn’t qualify very well as retesting Thursday’s low. Friday morning’s bottom was too high, and the afternoon’s shallow lower low was too late.

So, a capitulative break lower remains possible.

Objectives below haven’t changed, the likeliest being  2374.00 and 2371.50. The residual downside could be neutralized instantaneously Monday by gapping down to fulfill either objective. Counter-trend sponsorship tends to find that very attractive, when an entire week lies ahead. Gapping up Monday could be credible for resuming the rally without any further pullback.

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

I’ll send reminder and links to this weekend’s Saturday Review early in the morning.