Line folding does a marvelous job, but my preference is to collapse only the primary, first level sets of matches. In order to do that, when a file is loaded, I expand all folds then go through it to collapse only the primary folds one-at-a-time. Some of the files are around 5,000 lines handling a large number of jQuery elements, functions and code structures. Is there a means to only collapse the primary, outer, non-indented sets of matches? For example, I would want to collapse a block of code like a function or a jQuery element, but nothing inside that function or element.

This is not possible. The way code folding works in UE is that when the file is processed each time an Open Fold value is found, it is paired with the next Close Fold value found. When multiple Open Fold values are found, they are matched in last-in, first-out order. UE doesn't know anything about at what level it finds the values. It doesn't even care if the Open Fold value matches the Close Fold value you wanted, only that it has found one of each.