Market Wrap (NO recording & EARLY summary)

The initially favorable knee-jerk reaction to the afternoon’s FOMC policy statement was actually a little delayed. But it wasn’t a knee-jerk reaction down, and that was apparently reason enough to attract a 6-7 point buying surge attacking 2835.00. A brief surge, because that’s not enough reason to extend. Instead, the rubber band had been stretched, and it snapped down hard — extending to fresh lows at 2813.00.

RSIs diverged positively on a retest of 2813.00, but it had become too late to attract counter-trend sponsorship. Also, sellers gained traction by exiting the bias environment under the noon hour’s low, and then entering the final hour lower still. Gapping up Thursday above 2835.00 would invalidate that downside traction, but any shallower would be difficult to avoid probing another fresh low.

A late bounce underway as of this writing is attacking 2824.00 and has room up to 2830.00. Either would still be plausible for extending higher to gap up. But reacting back down into the close could be compelling for a hold-short, to at least probe lower lows overnight down to 2805.00 or 2793.50.

• There was no Market Wrap.
  
• Monitor overnight Globex trading in the chaRTroom here.