Post-market Wrap (recording & summary)

Friday’s opening surge stopped short of testing the pre-open reaction to payrolls, which had touched 2161.50. It even stopped short of filling the gap back to last Friday’s 2160.00 area close. The restrained optimism didn’t prevent a steep intraday dip. But it makes me suspect whether the dip can extend.

Already, the reaction’s second downleg has been retraced. That was the 10-point drop which appeared suddenly when the morning bias environment began lapsing. The afternoon retraced it. But it wasn’t actually reversed — and it could have been.

All of which is interesting for anticipating intraday action. The context is somewhat bullish from a contrarian perspective, as rally efforts are stopping short of their failures being predictive. That doesn’t mean continuing to chip away at support won’t eventually break lower, only that recoveries remain likely for now.

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

I’ll send login instructions overnight for the weekend’s Saturday Review.