Trending up from Friday's morning bias environment low at 2337.75 extended higher through each remaining timing window. Fresh session highs were probed all the way through the close. The morning's bias objective to test 2348.25 was pierced by 2 ticks. No "unfinished business above" was left outstanding.
It was a new trend high close, on a Friday. But not until after coming within 3 minutes of the cash session close. Until then, Wednesday's prior high close was being overlapped, if that. And Friday's high was still under Wednesday's high. So, no more new trend high close is required.
Nevertheless, new highs are likely, since trend extremes just don't develop into expirations and/or three-day weekends. NDX performance compares well among major indexes, suggesting that strong hands have a healthy speculative interest. Fresh highs would next target 2366.00.
Friday afternoon's price action aligned with the actively bullish WedEX signal. So, Monday morning's price action is expected to behave bullishly, too. Of course, U.S. markets are closed Monday for the President's Day holiday, and the signal's influence is assured where expiration isn't relevant. But markets tend to allow each other to fulfill their objectives.
Details and other markets coverage are discussed in the post-market Wrap recording here.
REMINDER: There is no Saturday Review due to the holiday weekend. The chaRTroom will re-open Sunday night for Globex, which trades through 1:00 pm ET Monday. Enjoy the weekend!
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Friday’s new trend high close and breakout confirmation have already satisfied their requirement for an eventual higher close. And closing under 2327.00 after probing above it does suggest upside momentum is waning. So, reversing down soon is very possible. But reversing the trend down immediately isn’t very likely. Not without first neutralizing overbought RSIs at […]
There is no Saturday Review this weekend. So, the market Wrap included a bigger picture review. Please don’t hesitate sending me any questions or chart analysis requests, which I’ll respond to over the weekend… Thursday’s breakout was confirmed by Friday’s second consecutive higher close. At least a third higher close is likely eventually. At least […]