Market Overview
This was a tale of two halves. The week started quietly with Monday's modest +6 point gain, trading in a tight 16-point range between 7554 and 7570. Tuesday and Wednesday told a different story as sellers stepped in, pushing us down to the week's low of 7514.75 on Wednesday. That represented a -25 point move from Monday's highs and set up what turned out to be an important inflection point.
Thursday was the standout day with a +46 point rally that reclaimed all the week's losses and then some. The market gapped higher from Wednesday's 7537 close, opened at 7536, and never looked back. We saw strong momentum carry through to 7586.5 before settling at 7582. Friday extended the bounce with another +8 points, touching the week's high at 7611.75 before closing at 7597.
The 97-point weekly range from 7514.75 to 7611.75 shows we're still in a relatively contained environment, but Thursday's reversal off the lows was decisive. We're closing near the top of the range, which is constructive for bulls heading into next week.