Post-market Wrap (recording & summary)

Not gapping down Friday was likelier to bounce than to resume Thursday’s decline. Friday’s rally from 2158.00 to 2169.00 went further.

Closing easily above Thursday morning’s lows put back into play any objective created by Thursday’s open holding those lows. That’s 2171.25. Absorbing Thursday’s detour down to 2153.50 is likely to be rewarded. And Friday afternoon’s rally leg being inhibited by headlines might be compensated for its delay. So, testing 2171.25 would likely probe above it to 2175.50.

Reacting down again, instead, is unlikely — this pattern has been there, done that, from this area. So, extending down into Monday’s open could reverse back up to form a Pivot Reversal, or else extend down more dramatically intraday.

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

We’ll game out possible opens and review the bigger picture at this weekend’s Saturday Review, beginning at 9:30 am ET in the chaRTroom here.