Thursday”s close under 2099.25, put

Thursday”s close under 2099.25, put into play lower targets at 2077 and 2073. That leg could have been invalidated by gapping up sufficiently Friday, which it did not. Not for lack of trying, as overnight strength tested 2104. Surging from the opening tick would have been credible, but instead the open plunged.

The 2077 target was met during the afternoon”s bias environment on the way down to 2069.75. That overlapped the target”s room for noise down to 2073. In fact, six swings of varying degrees each overlapped 2073 as the afternoon ranged choppily sideways.

Testing both 2077 and 2073 the same day suggests a new leg is about to begin. The last such setup was at 2105.50/2103, but rather than reverse direction, it extended down at a steeper slope. If this next leg doesn”t reverse here, then it is extending at the same slope as Friday, to 2060 or 2051. Closing under 2077 Monday, and not overlapping it, would point sharply lower.

We”ll review the likely paths and their likely targets during this weekend”s Saturday Review. I”ll send its link in the morning. Meanwhile, following is Friday”s post-market Wrap which includes other markets coverage:
https://roddavid10.mitel-nhwc.com/join/bwhjrys