Market Wrap (recording & summary)

Tuesday night’s 14-point rally to 2584.00 was briefly probed at Wednesday’s open by 6 ticks up to 2585.50. Reinforcements were unlikely to maintain the rally, not with so sizeable of a rally already, and the afternoon’s FOMC policy statement being just hours away. The morning’s dip back down to 2575.00 should have been the end of that reaction.

And in reality, it was. A favorable reaction to the FOMC news would have been likely. Until a terror scare triggered the 2574.00. bias-down that dipped again to 2571.50. It was invalidated, but never rejected. The noon hour’s 2578.75 high was attacked but never recovered. And the close settled back down at 2574.00.

The only “unfinished business” left outstanding is at Wednesday’s 2581.50 gap up above all prior highs. Even that isn’t a big enough attraction to prevent an even deeper dip from developing without delay. NOT already starting a deeper dip at Thursday’s open would reinforce the attraction up to Wednesday’s open, and to the 2590.50 objective still in-play.

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

Monitor overnight Globex trading in the chaRTroom here.