Post-market Wrap (recording & summary)

Friday afternoon probed fresh session lows, but it didn’t melt down. That’s significant, since that was the vulnerability. Once breaking back under 1952.00-1953.00 and extending down to 1943.00, the next bounce was reversed to 1942.00 into the close. But only grudgingly.

Meanwhile, avoiding a new trend high close on a Friday prevented the rally from further entrenching itself. Closing under 1952.00-1953.00 on the same day it was tested suggests that upside momentum is lapsing. And closing back under Thursday’s prior high prevents putting into play higher targets.

None of which broke under a prior session’s prior low. Monday’s “lower prior highs” were tested throughout Friday’s last 60-90 minutes, but not broken.

There’s still a path to extending higher, or at least to backing-and-filling up within Monday’s range. But now there’s also a path to launching the next downleg. The latter path is the scenario described during last weekend’s Saturday Review, which had anticipated fresh highs. We’ll update that during this weekend’s Saturday Review (login link will be sent overnight).

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