Market Wrap (recording & summary)

Friday’s session exemplified the consequences of not recovering a prior high, as Thursday’s recovery had failed to do. The overnight slide was a healthy 61.8% correction of Thursday’s recovery. And it reacted up to within 1 point of Thursday’s highs. But it was retraced entirely back down to the overnight low.

The healthy correction was still that, but there was less to show for it. Or more. There was less to show for the intraday correction, because its recovery effort stopped short of the overnight high. Perhaps it was healthier, anyway, since the alternative was avoided — the session only ranged sideways.

Overnight action had suggested Friday would resolve in one direction, or the other. It didn’t, and it didn’t. Choppiness aside, the range held. The week’s lowest close was still within the range. Holding the range also means sellers didn’t retake control. There remains potential for retesting last Sunday night’s 2403.00 high by 2 points, and higher. And there remains outstanding at least one more new high close.

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

There’s NO Saturday Review on holiday weekends (Happy Mother’s Day!). The chaRTroom will re-open Sunday night with Globex trading here.