By Monday, Friday seems like ages ago. Moreover, I have been traveling all weekend, so I will be doing abbreviated discussions this morning, I have two unfinished writings for later today, and will perhaps be shifting to a horizontal position for a few more hours of sleep.

Nevertheless, if you read the Morning Outlook from Friday, we nailed the path. The NASDAQ 100 filled Thursday’s gap. In the process, it nearly tagged the Weekly Expected Move high from above. But the index held, and came back up through the open. Had you taken a long trade from the open crossover up, you would have had a very happy day. As soon as New York closed, and with the weight of the last market makers holding out for hope lifted, the after-hours futures spiked even higher.

The S&P 500 stuck to our script as well. Having already filled its Thursday gap on Thursday, the S&P 500’s task was to hold the Thursday regular session low and it did. Any hope that the market makers could tap the Weekly Expected Move high for some relief was dashed right from the start. It must have been a painful week to be an S&P 500 index market maker. I don’t feel too bad for them though, as they win most of the time.

As with the NASDAQ 100, screens went green when the S&P 500 index came back up through the open, delivering a nice, steady upswing throughout the rest of the day.

All in all, Friday’s action adds to the bullish narrative, as did the entire, spectacular week.

A.F. Thornton