Market Wrap (recording & summary)

Wednesday’s blip-up was retraced back into Tuesday’s range. But not under it, despite holding the 2399.00 bias-up signal’s test and putting into play an offsetting test of the 2391.00 bias-down signal. It turned into a “dry cleaners morning” that never broke either way.

Not that this was surprising, since not gapping up or immediately extending higher already had foreclosed upon trending up. And not breaking either way beyond Tuesday afternoon’s range had meant remaining within it.

The afternoon’s FOMC Minutes compounded the constraint. Reaction to the news did trigger a false break down to 2396.00 that rebounded to probe fresh highs at 2402.00 into the bias environment exit. Extending higher to 2404.00 was poorly timed, and gained no traction for its effort.

Other than 2391.00, unfinished business below is 2388.75, which is relatively modest compared to last week’s trend change that requires a close under 2351.50. Already retesting last week’s highs isn’t prohibited from extending to 2415.00. But the context is temporary, so upward moves should be very steep until the high is in.

Details and other markets coverage are discussed in the post-market Wrap recording here. A connectivity issue unrelated to Adobe prevented recording the Wrap.

Monitor overnight Globex trading in the chaRTroom here.