Post-market wrap… Objects in the mirror.
Friday morning’s bias environment rallied sharply, from 1950.50 to 1967.50. At least, price rose 17 points during that single window. It sure looks like trending, when many session (prior to the past several weeks) barely range as widely.
This being expiration, the potential is high for only ranging sideways. Sellers didn’t gain traction — the bias environment exit and final hour’s entry both were within the noon hour’s range. Since the morning’s rally didn’t extend, but was retraced back to the pre-open low, we have to consider whether that was really only a range.
Meanwhile, the bullish WedEX didn’t perform. Not obviously, maybe in secret, a secret it kept very well. Still, it wasn’t for lack of trying — the bias environment exit and final hour entry each were greeted in rally mode… before being overwhelmed. The morning rallied, so WedEX couldn’t be inverted, only invalidated. What better price action to invalidate than the price action since Wednesday.
WedEX can still be influential Monday morning, when it tends to compensate for Friday’s underperformance. There are much more relevant influences than WedEX that are capable of absorbing it, so the alternative to a short-squeeze might be a melt-down. Details were discussed during the post-market Wrap recorded here:
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