Market Wrap (recording & summary)

Even Wednesday’s FOMC policy statement couldn’t shake what is now a four-day streak of narrowly ranging sessions. There’s no actual trending, and it IS for lack of trying:

Gapping up Wednesday above Tuesday’s 2478.75 high could have formed a session-long rally setup. But the prior high held, and the balance of the session trended down to the 2472.00 overnight low. Had the attempt been any more substantial, there would be a more substantial bearish consequence for its rejection. Instead, the complete retracement is sufficient. On the other end of the day is the small, late probe under Tuesday’s low. Somewhat similarly, starting it earlier would have reflected strong-handed sponsorship. Instead, the late break’s failure doesn’t imply some bullish resolution.

Once again, neither sellers nor buyers gained traction for their efforts. So, trending in either direction Thursday morning won’t be very credible without a gap up originating it.

Details and other markets coverage are discussed in the post-market Wrap recording here.

Monitor overnight Globex trading in the chaRTroom here.