Late rally high’s can sometimes gauge for any “meaningful change” relevant to the prevailing trend, in this instance, Friday’s down trend. Generally, if the pullback high or low is not violated, there is no meaningful change in the opposite direction of the prior day’s trend.

Friday’s rally high to the exact session midpoint suggest shorter term traders selling the market, increasing the odds of that level being revisited. Acceptance or rejection of that price level would better indicate if the downtrend remains intact.

The overnight high and low are also always valid trading references.