Post-market Wrap (recording & summary)

New trend high closes on Friday all but ensure another eventual higher close before becoming vulnerable to a durable downtrend. It doesn’t prevent an immediate pullback, but the pullback would likely be temporary.

Friday’s new trend high close did start to fulfill the next higher upside objective at 2067.00-2068.00 which would have been in-play Wednesday afternoon had its rally resumed.

Friday’s new trend high close was overlapping Wednesday’s prior high enough not to qualify as a breakout. That would have been bullish separately had Monday closed higher. But now closing higher Monday wouldn’t be any more bullish.

2056.00 was recovered through a close, which starts to suggest a new rally leg underway — not simply a single higher close. This would be undermined by only ranging Monday around last week’s highs.

Meanwhile, 2048.75 is “unfinished business below.” It must be retested for having been Friday morning’s bias-down signal, which was triggered late. But its retest is not required on any particular timetable.

I’ll send the link overnight to this weekend’s Saturday Review, which begins at 9:30am ET.

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