Post-market Wrap (recording & summary)

The two-week old pullback is really less than that. The first two sessions two weeks ago had rallied, and the next 2-3 sessions had retraced that. The newly-finished week didn’t trend down throughout, but it wasn’t much for counter-trending.

Only one prior low of the rally has been broken, which keeps the pullback corrective. Break another prior low, and the trend will have reversed down. How will that affect the potential to new highs? A lot. The upside was never a target, but the objective of a new upleg. A new downleg can take its place.

Having steepened the slope of the decline from the two-week old highs, a lot of selling pressure has now been expended without reversing the trend down. At least, not yet. There is room for a little more follow-through at or before Monday’s open. But not already rallying into the afternoon would undermine the recovery attempt.

Friday’s market wrap began early to encompass a bigger picture discussion. Details and other markets coverage are discussed in the post-market Wrap recording here:
https://roddavid10.mitel-nhwc.com/join/zvvrpzy

REMINDER: No Saturday Review this weekend