Market Wrap (recording & summary)

Unlike the week’s rally so far, Wednesday’s probe of fresh highs was the first optimistic effort that followed some semblance of refueling. Even that was wanting, being an overnight dip. At least the pullback was isolated, and it recovered from testing relevant support at 2660.50. But that optimism bordered on excessive again by surging through the open to probe new highs.

At least bias-up was triggered to create an upside objective. Wednesday morning’s 2677.75 bias-up target was attacked to within 3 points before dropping 8 points through the noon hour. The second correction in 24 hours was rewarded when the FOMC policy statement triggered a spike up to attack the morning’s highs. Hovering pessimistically short into the final hour broke lower again, to fresh session lows attacking 2666.00.

Choppy action in a relatively narrow range suggests a more durable trending attempt coming. Wednesday’s late break was a glimpse, whether of its direction or of the trending intent. This week is expiration, and the WedEX signal has triggered “passive bearish,” so volatility should persist.

• Details and other markets coverage are discussed in the post-market Wrap recording here.
• Monitor overnight Globex trading in the chaRTroom here.